Shell takes on Exxon with £47b bid for BG
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ROYAL Dutch Shell agreed to buy smaller rival BG Group for £47 billion (S$95 billion) in the first major energy industry merger in more than a decade, closing the gap on market leader US ExxonMobil after a plunge in prices.
Anglo-Dutch Shell will pay a mix of cash and shares that values each BG share at around 1,350 pence, the companies said. This is a hefty premium of around 52 per cent to the 90-day trading average for BG, setting the bar high for any potential counter-bid by a company like Exxon, which has said it would also use the oil markets downturn to expand.
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