Brazil approves Shell-BG Group’s £47bn deal

Brazil has given the green light for Shell to buy UK’s oil and gas BG Group. The transaction is estimated to cost £47 billion. Brazil’s regulator CADE approved the purchase as it […]

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By Jacqueline Echevarria

Brazil has given the green light for Shell to buy UK’s oil and gas BG Group.

The transaction is estimated to cost £47 billion.

Brazil’s regulator CADE approved the purchase as it won’t have a negative effect on competition in the oil and gas market in the country.

It said the deal will enable exploration and commercialisation of new oil and gas resources.

The decision follows approval from the US regulators last month.

It still requires further regulatory clearances from all the countries BG Group operates in, including the EU, Australia and China.

The deal is expected to be completed by early 2016.