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Brazil clears $70 bln BG-Shell merger, BG says

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Markets | Fri Jul 24, 2015 5:53pm EDT

BG Group Plc on Friday confirmed that it has received final unconditional clearance from Brazilian competition authority CADE for its acquisition by bigger rival Royal Dutch Shell.

The clearance of the $70 billion merger follows the 15-day period during which the preliminary approval granted by CADE on 8th July could have been appealed.

Shell is set to become the largest Brazilian offshore foreign operator after it completes the merger with BG, which it announced in April.

The proposed acquisition had previously obtained a green light from United States Federal Trade Commission (FTC) and now only needs pre-conditional approvals from the European Union, Australia and China for the merger to be completed.

(Reporting by Ismail Shakil in Bengaluru; Editing by Christian Plumb)


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