Shell Shareholders Approve BG Takeover

Royal Dutch Shell shareholders have approved the company’s takeover of BG Group.

The company announced Wednesday that 83.08 percent of shareholders were in favour of the deal.

Commenting on the shareholder vote, Ben van Beurden, CEO of Shell, said: “I am delighted with the positive shareholder vote and the confidence that shareholders have shown in the strategic logic of the combination of Shell and BG. Our immediate focus is on the successful completion of the transaction and we now await the results of tomorrow’s (Jan 28) BG shareholder vote.”

In April, Royal Dutch Shell agreed to buy BG Group in a deal close to 47 billion pounds ($70 billion).

Shell said the payment would be combination of stock and cash. For every share held, BG shareholders would get 3.83 pounds in cash and 0.45 Shell B shares.

Should BG shareholders approve the offer at shareholder meetings to be held on January 28, 2016, the transaction would be expected to complete on February 15, 2016.