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BUZZ-BG up more than 1 pct as Shell backs deal

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Commodities | Tue Nov 3, 2015 10:17am GMT

** BG Group and Shell outperform the FTSE 100 in the wake of Shell’s recommitment to its planned $70 bln takeover of its smaller rival

** Shell announces plans for further benefits & cost cuts aimed at making deal work with oil at mid-$60s/barrel & says it now expects synergies to increase by $1 bln to $3.5 bln for combination

** BG up 1.3 pct, 3rd top gainer on FTSE-100 with c.40 pct of its 30-day avg volume traded through in first 2 hrs

** Shell up 0.8 pct with a fifth of its volume gone through

** Gains despite oil’s fall on Tuesday; Brent crude futures & U.S. crude futures down by 0913 GMT, as commodity weighed by a glut in supply and worries about a fragile demand outlook

** Stocks in opposite directions for the year, with BG up c.19 pct to date & Shell down c.21 pct, in tandem with weakness in wider market (RM: [email protected])

SOURCE

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