Royal Dutch Shell moved to bolster shareholder support for its proposed takeover of BG Group after Chinese regulators on Monday gave the deal their approval.
Shell announced that the combined group would cut up to 2,800 staff upon completion, or 3 per cent of the enlarged workforce, as it looks to secure one of the largest energy deals of recent years amid the oil price crash. Brent crude was trading at $37 on Monday.
Shares in BG fell 0.7 per cent on Monday to close at £9.20, and are about 10 per cent lower than the price outlined by Shell in its cash-and-stock bid, partly reflecting some concern that shareholders might not approve the deal.
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