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Brazil: Shell’s $70 billion BG Acquisition gets green light

By  |  July 8, 2015

The US $70 billion Shell and BG Group merger cleared Brazilian regulatory approval, bringing it a step closer to its set completion date of early next year, according to a Bloomberg report.

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    Brazil’s Council for Economic Defense (CADE) said on Wednesday preliminary approval to the transaction was given without restrictions. UK-headquartered deepwater and LNG-focused BG said that if no appeals were lodged or referrals made in the next 15 days, CADE’s clearance would become final. A spokesman for Shell confirmed the approval and the 15-day appeals period, the Reuters report said.

    Three weeks ago on 16 June, the supermajor deal cleared a major obstacle by receiving an early termination of the US antitrust waiting period from the US Federal Trade Commission.

    Shell made the multi-billion dollar cash and share offer for BG in April that GlobalData called the largest mega deal since Exxon and Mobil merged in 1998.

    Full content: Bloomberg

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