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Norway: Wealth fund to vote for Shell merger

By  |  January 21, 2016

Norway’s $US790 billion sovereign wealth fund, the world’s largest, will vote in favour of the merger of energy companies Royal Dutch Shell and BG Group, it says.

“Norges Bank Investment Management considers that the transaction accelerates value for BG Group Plc shareholders and is in the best long-term interest of Royal Dutch Shell Plc shareholders,” the fund said in two statements to shareholders on Wednesday.

A spokeswoman for the fund said the price of the transaction was fair overall.

“In an environment of low oil price, we believe the companies will stand stronger together,” she said.

The fund is Shell’s fifth-biggest investor with a stake of 2.46 per cent and BG’s second-biggest investor with a stake of 3.73 per cent, according to Thomson Reuters data.

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