LNG player BG said that the $70 billion takeover offer for the company to be made by Royal Dutch Shell has received unconditional merger clearance from the Brazilian competition authority (CADE).
The unconditional clearance follows CADE’s initial approval of the combination on 8 July, and the expiry of the 15 day period during which CADE’s decision could be appealed.
The approval is the second of the five regulatory clearances that are pre-conditions to the combination. The combination has recently cleared its first hurdle by obtaining a green light from the United States Federal Trade Commission (FTC).
Other pre-conditional approvals are required from Australia, China and the European Union.
The proposed deal, which would create one of the largest LNG players the world has ever seen, is on track to complete in early 2016.
LNG World News Staff; Image: BG