Shareholders of Royal Dutch Shell Plc (NYSE: RDS.A) approved the company's $49 billion takeover of BG Group Plc on Jan. 27, clearing one of the final hurdles for a deal that will create the world's biggest LNG trader.
As many as 83% of shareholders voted in favor and 17% against the deal, one of the largest in the energy sector in the past decade.
BG shareholders will cast their votes in London on Jan. 28.
"Our immediate focus is on the successful completion of the transaction and we now await the results of tomorrow's BG shareholder vote," said Shell Chief Executive Ben van Beurden in a statement.
Shares in BG were down 0.2% at 6:37 a.m. CST (12:37 GMT), while Shell's B shares traded 2.4% lower, compared with a 1.7% decline in the European oil and gas index.
Over 40% of Shell's shareholders also own around half of BG's stock, according to Reuters data.
If the deal is approved by all shareholders on both sides, the two companies will merge on Feb. 15. Shell will then become the world's most powerful LNG trader and gain access to valuable oil resources offshore Brazil and in Australia.
Recommended Reading
Patterson-UTI Braces for Activity ‘Pause’ After E&P Consolidations
2024-02-19 - Patterson-UTI saw net income rebound from 2022 and CEO Andy Hendricks says the company is well positioned following a wave of E&P consolidations that may slow activity.
E&P Earnings Season Proves Up Stronger Efficiencies, Profits
2024-04-04 - The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.
Matador Stock Offering to Pay for New Permian A&D—Analyst
2024-03-26 - Matador Resources is offering more than 5 million shares of stock for proceeds of $347 million to pay for newly disclosed transactions in Texas and New Mexico.
Hess Corp. Boosts Bakken Output, Drilling Ahead of Chevron Merger
2024-01-31 - Hess Corp. increased its drilling activity and output from the Bakken play of North Dakota during the fourth quarter, the E&P reported in its latest earnings.
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.