Shell takeover of BG secures backing of Glass Lewis
Royal Dutch Shell (LON:RDSA, RDSB)’s proposed GBP 36bn (USD 52bn) takeover of BG Group (LON:BG) is believed to have secured a recommendation from the shareholder advisory firm Glass Lewis, The Mail on Sunday reported, without citing a source for the information.
Glass Lewis is the biggest adviser of shareholders in the US, the report said, pointing out that almost one quarter of BG investors are based in the US, as are almost one third of Shell’s.
The deal will be voted on by shareholders toward the end of this month, the report said.
Meanwhile, The Sunday Times reported that Ben van Beurden, chief executive of Shell, said he was extremely confident that plummeting oil prices will settle back to higher levels. Within decades he expects the oil price - currently below USD 33 a barrel for Brent crude - to push beyond the low USD 60s, the level at which he said the BG takeover would become a “good” deal, the item reported.
Mail on Sunday, Sunday Times