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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
BG Grp. | LSE:BG. | London | Ordinary Share | GB0008762899 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1,062.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
MELBOURNE, Australia--Australia's antitrust regulator has given itself more time to consider Royal Dutch Shell PLC's planned takeover of U.K.-based oil-and-gas firm BG Group PLC.
Australia and China are the two regulatory hurdles yet to be cleared after Europe's highest antitrust regulator approved the deal unconditionally on Wednesday.
The Australian Competition & Consumer Commission was due to announce its decision on the deal on Thursday, but in a notice on its website said the date had been pushed back to Sept. 17 to allow additional time to consider the proposal.
Shell and BG agreed the US$70 billion cash and share deal in April and Australia's regulator began its review on June 11, focusing in particular on competition between the companies, the effect a tie-up would have on prices, and how easy it would be for existing competitors to expand or new competitors to enter the market following a merger.
The ACCC in preparing for its review had noted the companies overlap in areas including the production and wholesale supply of natural gas in eastern Australia.
BG has gasfields and production facilities in the Surat Basin and a majority interest in supplying gas to the US$20.4 billion QCLNG liquefied natural gas development in Queensland, plus exploration rights in the Bowen and Cooper Basins.
Shell through its Arrow Energy joint venture with PetroChina Co. is looking at options to sell gas from coal seams in Queensland, sells gas through a venture with AGL Energy Ltd., plus is involved in a number of gas exploration and production projects in Western Australia
The European Commission concluded after a brief investigation that the deal wouldn't allow Shell to influence the prices of oil and natural gas in Europe, and that those markets would remain competitive.
Shell's chief executive, Ben van Beurden, said the EU's decision kept the companies on track to close the merger in early 2016, as planned. Shareholders still need to vote on the deal and are expected to receive formal documents late this year or early next year.
U.S. antitrust authorities approved the deal in June and Brazil's competition authority gave its approval in July.
Write to Robb Stewart at robb.stewart@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 02, 2015 22:05 ET (02:05 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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