There’s about to be an unprecedented £47bn mega-takeover in the oil industry

We thought Shell was big enough already…

One of the world’s biggest oil companies, Royal Dutch Shell, is set to takeover gas group BG in a massive £47bn deal.

Richard Hunter, head of equities at Hargreaves Lansdown stockbrokers, told the Guardian: “The deal could prompt other companies who have been running the slide rule over potential targets to make their move.”

Shell shares fell 4% on the announcement, however, BG’s share price climbed 42% and rival oil company BP’s shares also rose by 4.3%.

Ben van Beurden, chief executive of Shell, said BG had always been top of Shell’s list. He said: “Bold, strategic moves shape our industry. BG and Shell are a great fit. This transaction fits with our strategy and our read on the industry landscape around us.”

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