By James Paton: November 18, 2015: Bloomberg.com
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Agreement on track to be completed in early 2016, Shell says
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Shell’s plan had faced concerns over gas supply in Australia
Royal Dutch Shell Plc’s $70 billion deal to buy BG Group Plc was cleared by Australia’s competition watchdog despite concerns it could reduce natural-gas supply to local customers and boost prices.
“The proposed acquisition would be unlikely to substantially lessen competition in the wholesale natural gas market,” Rod Sims, chairman of the Australian Competition and Consumer Commission, said in a statement on Thursday.
Shell’s takeover has already won key regulatory approvals from the U.S., the European Union and Brazil. Shell on Thursday called the Australian decision a “major step forward” for the transaction, which still requires clearance from China’s antitrust regulators and is on track to be completed in early 2016.