London, UK | – Shareholders of Royal Dutch Shell and BG Group are expected to vote on Jan. 27 and Jan. 28 2016 on the companies’ planned combination announced eight months ago.
Shell and BG plan to publish shareholder documents as soon as Tuesday, the companies said Monday in a regulatory statement. In BG’s case, votes in favour must represent at least 75% of the total value of BG shares. Shell requires 50% backing.
Shell, Europe’s biggest oil company, won Chinese antitrust approval for its purchase of Reading, England-based BG this month, clearing the last regulatory hurdle for the deal.
The takeover, valued at about $70 billion when it was announced in April, has come under scrutiny as crude prices slumped below $40/bbl amid a global oversupply. About 2,800 jobs, or 3% of the total workforce of the two companies, will be cut after the combination, Shell has said.
BG is trading at about 919 pence in London, having risen 7.8% since news of the deal first broke. Shell is at 1,454 pence, having tumbled 28% in the period.