Royal Dutch Shell plc (ADR) Wins Shareholder Approval
Royal Dutch Shell plc (ADR) (NYSE:RDS.A) has won approval from its shareholders for its proposed acquisition of BG Group plc (ADR) (OTCMKTS:BRGYY), edging one of the largest M&A deals in the energy space one step closer to completion. Shell held the vote today at its General Meeting, where investors chose to show their support for the deal. Results of the poll show more than 83% of Shell s shareholders voted for the deal, while only 17% voted against it. The company needed approval from 50% of its investors.
I am delighted with the positive shareholder vote and the confidence that shareholders have shown in the strategic logic of the combination of Shell and BG, said Ben van Beurden, CEO of Shell. Our immediate focus is on the successful completion of the transaction and we now await the results of tomorrow s BG shareholder vote, Mr. van Beurden added. The transaction is expected to close by February 15, should it win approval at BG. The company will hold the shareholders vote tomorrow, and requires 75% of them to support the deal for it to go through.