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Fund boss blasts Shell’s pursuit of BG Group

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Martin Waller: 8 November 2015

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A senior executive at one of the City’s biggest fund managers has attacked the proposed takeover of BG Group by Royal Dutch Shell, likening it to the disastrous purchase of ABN Amro by Royal Bank of Scotland in 2007, soon before the financial crisis.

Ian McVeigh, head of governance at Jupiter Fund Management, said that Shell needed to create £30 billion of value from acquiring BG to make the deal work. “Hugely expensive moves whose main purpose is to rebalance portfolios have a grim history,” he said.

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