Posted on November 3, 2015 | By Collin Eaton
HOUSTON — Shell has found another $1 billion in costs it could shake free after it buys BG Group, company officials said Tuesday, partly in response to critics of the huge acquisition Shell announced when crude was more expensive in the spring.
The cuts would mean more job losses on top of the 7,500 in layoffs Shell has announced this year, but officials declined to say how many jobs would be affected or lost.
The value of Shell’s original $70 billion offer for the British gas producer, which is known for its prized Brazilian deep-water fields and its big liquefied natural gas business, fell to $56 billion a month ago and edged back up to about $60 billion as Shell’s share price and crude prices have fallen. Shell had proposed to pay for the deal mostly with shares.