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Posts on ‘December 14th, 2015’

This Oil Giant Is Going to Slash Thousands of Jobs

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Royal Dutch Shell expects to slash thousands more jobs to save costs if its takeover of BG Group goes through as planned early next year following a final green light from China.

The acquisition, which was announced on April 8 and is biggest in the sector in a decade, has been cleared by China’s Ministry of Commerce, Shell said on Monday, after earlier approvals from Australia, Brazil, and the European Union.

Shell RDS.A -1.32% and BG LON: BG will now send a merger prospectus to shareholders and hold special general meetings for votes on the deal. If approved, it will face a court hearing 10 days later and could be completed by early February. read more

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Royal Dutch Shell plans 2,800 extra job cuts after BG deal

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Royal Dutch Shell has said it will cut 2,800 jobs if its planned takeover of BG Group goes ahead, about 3% of the combined group’s workforce.

The proposed job cuts are in addition to the 7,500 job losses Shell announced in July.

The tie-up between Shell and BG deal is due to be completed early next year.

However, an institutional investor has told the BBC that the deal does not make “financial sense” at current oil price levels.

David Cumming, head of equities at Standard Life Investments, told the BBC it was “very difficult to make the deal work” with oil below $40 a barrel, saying oil prices needed to be $60-$70 a barrel. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell sees reduction of about 2,800 jobs after BG deal

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Reductions are in addition to previously announced plans to reduce Shell’s headcount and contractor positions by 7,500 globally.

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Markets | Mon Dec 14, 2015 5:35am EST

* Shell updates on its intentions for Shell-BG combination 

* Expectation is that BG’s business would be integrated into Shell’s businesses

* With regards to office footprint rationalisation in UK, Shell will, following deal completion, undertake a comprehensive review during course of 2016

* Deal remains on track for completion in early 2016.

* Expects BG restructuring will be required to achieve expected benefits of recommended combination

* Reductions are in addition to previously announced plans to reduce Shell’s headcount and contractor positions by 7,500 globally. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell merger with BG Group gets green light from China

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By Rebecca Burn-Callander8:01AM GMT 14 Dec 2015

Shell’s £55bn takeover of BG has been cleared by the Chinese Ministry of Commerce (MOFCOM), giving the deal the green light to go ahead.

This was the final regulatory hurdle standing in the way of the deal. China’s blessing follows success with regulators in Australia, the US, EU and Brazil.

Shareholders at the two companies will now decide whether the tie-up will go ahead, and the deal could complete in early 2016.

The takeover, which will create Britain’s biggest public company, has been under mounting scrutiny in recent weeks as the City questions whether Shell can justify pushing ahead, with oil prices remaining so suppressed. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Oil is troubled waters for Shell

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Chris Nuttall: Dec 14, 2015

The oil price is also a teaser for Shell, would-be acquirer of BG. The takeover was originally predicated on oil prices of over $70 a barrel. Chief executive Ben Van Beurden then revised that figure to the mid $60s, even as he tweaked up synergy targets. With oil at under $40 a barrel, investors are increasingly sceptical whether the transaction should go ahead, albeit that only a third of the original price was in cash rather than shares. The Chinese Ministry of Commerce has cleared Shell’s takeover of BG Group… read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

BEN VAN BEURDEN’S HARE-BRAINED BG TAKEOVER

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BEN VAN BEURDEN: Chief executive, Royal Dutch Shell

Just a year into the job, the 57-year-old Dutchman struck a legacy-defining deal. April’s £47bn cash-and-share takeover of smaller rival BG was hailed as a bold move to enliven the be- leaguered energy industry.

With each fall in the price of crude oil, though, the daring swoop starts to look more hare-brained.

When van Beurden, a mechanical engineer and Shell lifer, unveiled his blockbuster bid, crude traded at $57 a barrel. Shell based the hefty 50% premium for BG’s shares on oil rising to $67 next year and $90 by 2018.  read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell says China clears merger with BG

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BEIJING: Deals | Mon Dec 14, 2015 2:23am EST

China has given unconditional clearance to a proposed merger between Royal Dutch Shell (RDSa.L) and BG Group (BG.L), clearing the final key regulatory hurdle for the $70-billion tie-up, Shell said on Monday.

The clearance means the pre-conditional approval process is complete, the Anglo-Dutch company said in a statement.

Prior to the approval, industry sources told Reuters that Chinese authorities were pressing Shell to sweeten long-term gas supply contracts as the world’s top energy consumer faces a large surplus of the supplies as a demand boom at home falters. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com
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