Royal Dutch Shell announced that it had agreed to buy fellow gas company BG Group for 47 billion pounds ($70 billion) in the first oil super-merger in a decade.
At Shell’s LNG for Transportation booth at LNG17, Shell experts provided information on LNG truck stops in North America.
(Bruce Bennett 2013 and beyond)
One of the biggest deals for the oil sector is announced by a joint summary of Royal Dutch Shell and BG Group. Shell agreed to buy Britain's BG Group in a $70 billion cash and stock deal that creates a massive European energy giant.
Shell expects the take-over to accelerate its growth strategy in global LNG and deep water. The deal will add some 25% to Shell ’s approved oil and gas reserves and 20% to production, each on a 2014 basis, and provide Shell with enhanced positions in competitive new oil and gas projects, particularly in Australia LNG and Brazil deep water, the company tells.
The oil gigant expects the combination to generate pretax synergies of approximately $2 .5 billion per annum.
Commenting the aquisition, Ben van Beurden, CEO of Shell said: “Bold, strategic moves shape our industry. BG and Shell are a great fit. This transaction fits with our strategy and our read on the industry landscape around us.“
At the start of 2014, Shell embarked on an improvement programme, including divestments and the restructuring of underperforming businesses, whilst at the same time delivering profitable new projects for shareholders. This programme is delivering, at the bottom line.
BG will accelerate Shell’s financial growth strategy , particularly in deep water and liquefied natural gas: two of Shell 's growth priorities and areas where the company is already one of the industry leaders. Furthermore, the addition of BG's competitive natural gas positions makes strategic sense, ahead of the long -term growth in demand we see for this cleaner-burning fuel.
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