Australian watchdog clears Shell’s £47bn bid for BG Group

Royal Dutch Shell has been given the green light by the Australian competition watchdog to takeover BG Group. The Australian Competition and Consumer Commision (ACCC) said it won’t oppose the proposed […]

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By Jacqueline Echevarria

Royal Dutch Shell has been given the green light by the Australian competition watchdog to takeover BG Group.

The Australian Competition and Consumer Commision (ACCC) said it won’t oppose the proposed acquisition worth £47 billion. It follows approvals from Brazil, EU and the US.

The oil giant still needs approval from Australia’s Foreign Investment Review Board and China’s Ministry of Commerce.

ACCC Chairman Rod Sims said: “The ACCC’s view is that the proposed acquisition would be unlikely to substantially lessen competition in the wholesale natural gas market, in either Queensland or eastern Australia more broadly.”

The deal is expected to add around 25% to Shell’s oil and gas reserves and 20% to production.