(MENAFN) Royal Dutch Shell, the Anglo"Dutch multinational oil and Gas Corporation has planned to takeover British rival BG group, and this massive purchase has been just approved by Australia's competition commission.
Accordingly, this latest unconditional merger clearance from the commission puts Royal Dutch Shell's whopping USD84 billion mega-purchase on track for completion in early next year, as announced by BG group.
This approval was one of the five regulatory clearances needed; EU's Commission and Brazil's competition authority has already been cleared, so this leaves Australia's Foreign Investment Review Board and China's Ministry of Commerce.
Furthermore, The BG buyout is basically aimed at helping Shell enhance its flagging output thanks to BG's strong and solid position in liquefied natural gas (LNG), which is a cleaner alternative to coal and nuclear energy.
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