Shell's US$70 million BG Group merger deal has finally been approved by the Australia's Foreign Investment Review Board.
The move had been delayed from mid-September to November by the Australian Australian Competition and Consumer Commission (ACCC) after a warning that the billion dollar takeover could increase Australian gas prices, plus limit domestic gas supplies.
The approval is one of the five regulatory clearances that are pre-conditions to the combination and this is the fourth pre-condition to be satisfied, following the previously announced clearances in Brazil and the EU, and the ACCC’s approval. The final remaining pre-conditional clearance is from China’s Ministry of Commerce.
The proposed transaction will also require support from both BG Group and Shell shareholders.
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