Business News | London Mon Nov 16, 2015
Royal Dutch Shell plans to retain four members of BG Group’s executive team after the companies’ planned merger next year, according to an internal memo seen by Reuters on Monday.
The memo indicates that the planned $70 billion takeover of BG by Shell remains on track. Shell this month sought to ease investor concerns over the deal by announcing costs cuts and benefits that would make it work despite lower oil prices.
According to the Shell document, BG’s Chief Operating Officer Sami Iskander will become executive vice president for joint ventures. Executive Vice President for Global Energy Marketing and Shipping Steve Hill will be named executive vice president for gas and energy marketing and trading while BG General Counsel Tom Melbye Eide will become general counsel for upstream.