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Shell vows BG purchase will ‘reshape’ it

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Tuesday 22 Dec 2015

Royal Dutch Shell has vowed that its £35.6bn acquisition of rival BG Group will benefit the combined company in what may prove a “prolonged downturn” in the oil price.

Chad Holiday, the chairman of Shell, said:

This is an important moment for Shell. The Board is unanimous in its recommendation on this transaction. Our industry has entered what could be a prolonged oil price downturn. The Board is confident that the financials of the group will be further strengthened by this transaction. This should improve Shell’s ability to cover both dividends and investments. The result will be a more competitive and stronger company, for both sets of shareholders, in today’s volatile oil price world.

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