Shareholders of Royal Dutch Shell Plc (NYSE: RDS.A) approved the company's $49 billion takeover of BG Group Plc on Jan. 27, clearing one of the final hurdles for a deal that will create the world's biggest LNG trader.
As many as 83% of shareholders voted in favor and 17% against the deal, one of the largest in the energy sector in the past decade.
BG shareholders will cast their votes in London on Jan. 28.
"Our immediate focus is on the successful completion of the transaction and we now await the results of tomorrow's BG shareholder vote," said Shell Chief Executive Ben van Beurden in a statement.
Shares in BG were down 0.2% at 6:37 a.m. CST (12:37 GMT), while Shell's B shares traded 2.4% lower, compared with a 1.7% decline in the European oil and gas index.
Over 40% of Shell's shareholders also own around half of BG's stock, according to Reuters data.
If the deal is approved by all shareholders on both sides, the two companies will merge on Feb. 15. Shell will then become the world's most powerful LNG trader and gain access to valuable oil resources offshore Brazil and in Australia.
Recommended Reading
Liberty Energy CEO: NatGas is Here to Stay as Energy Transition Lags
2024-03-27 - The energy transition hasn’t really begun given record levels of global demand for oil, natural gas and coal, Liberty Energy Chairman and CEO Chris Wright said during the DUG GAS+ Conference and Expo.
Green Light: NatGas Industry Just Fine, TG Natural Resources CEO Says
2024-03-27 - Craig Jarchow, president and CEO of TG Natural Resources, updated the integration status of its $2.7 billion acquisition of Rockcliff Energy and addressed macro concerns about the natural gas business at Hart Energy’s DUG GAS+ Conference and Expo in Louisiana.
Paisie: Dutch Vehicle Fleet Foreshadows Structural Shifts
2024-03-26 - The expanding role of battery electric vehicles will be supported by the development of associated supply chains, as indicated by Stratas Advisors' forecast of global EV battery production capacity.
Shipping Traffic Freezes Up in Port Waters After Baltimore Bridge Collapse
2024-03-26 - U.S. port of Baltimore traffic was suspended until further notice following a bridge collapse. At least 13 vessels expected to load coal were anchored near the port at the time of the incident.
Exclusive: Renewables Won't Promise Affordable Security without NatGas
2024-03-25 - Greg Ebel, president and CEO of midstream company Enbridge, says renewables needs backing from natural gas to create a "nice foundation" for affordable and sustainable industrial growth, in this Hart Energy Exclusive interview.