Shell takes over British gas company for €64bn
Anglo-Dutch oil company Shell has reached agreement to buy the British Gas Group for €64bn in one of the biggest corporate takeovers of the year.
The deal is also the fourth biggest takeover in the oil and gas industry in the past 20 years, news agencies say.
BGG is a major gas production company which is specialised in LPG. It is active in 24 countries and has more than 5,000 workers.
Shell has been steadily increasing its investments in gas, which now accounts for more of its turnover than oil, broadcaster Nos says on Wednesday.
‘Bold, strategic moves shape our industry. BGG and Shell are a great fit. This transaction fits with our strategy and our reading of the industry landscape around us,’ Shell chief executive Ben van Beurden is quoted as saying.
Oil prices are under pressure and many companies are making the switch towards a better spread of interests.
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