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

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.

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

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.