Royal Dutch Shell received EU approval for its £37.9bn acquisition of British firm BG Group, on Wednesday, September 2nd.
This was good news for distributors of products like Shell Omala S2 G 320, because the EU was the second of four key markets required to clear the deal and move ahead with the purchase.
The European Commission decided that allowing the takeover would not give Shell market power in the oil and gas exploration business, nor would it grant the firm undue power in the wholesale supply of natural liquefied gas, or the liquefaction of natural gas.
Shell’s takeover of BG Group will make Shell the top liquefied natural gas producer in the world, as well as a big player in the deepwater oil market.
The takeover is on course for completion in the first months of 2016, according to Ben van Beurden, the corporation’s Chief Executive. He said:
“Receiving clearance from the European Commission underlines the good progress we are making on the deal.”
The deal has already been greenlighted by Brazil, which approved the takeover in July, but Shell has not yet been given approval from either China or Australia, and will not be able to go ahead with the plans unless this permission is given.
Speaking on September 3rd, a spokesperson for the Australian Competition and Consumer Commission said more time was needed to review the takeover, so the Commission was postponing its final decision on the matter until September 17.