Shell shareholders approve BG takeover

Royal Dutch Shell has received shareholder approval for its £35bn takeover of BG Group, with 83% voting in favour of the deal, which would create the world’s largest liquefield natural gas trader.

If BG shareholders approve the offer at their meeting on Thursday, the deal would be expected to complete on 15 February, subject to the satisfaction or waiver of certain customary conditions.

Chief executive officer Ben van Beurden said: “I am delighted with the positive shareholder vote and the confidence that shareholders have shown in the strategic logic of the combination of Shell and BG.

“Our immediate focus is on the successful completion of the transaction and we now await the results of tomorrow’s BG shareholder vote.”

Some shareholders had called for the deal to be renegotiated as a result of the sharp drop in oil prices since it was agreed.

Earlier this month, shareholder Standard Life said the deal, which would give Shell greater access to Brazil’s deepwater oil reserves, was “value destructive” for shareholders.

At 1450 GMT, BG Group shares were up 1.5% to 1,009.50p, while Shell’s B shares were flat at 1,420p.