Royal Dutch Shell Plc won shareholder approval to buy BG Group Plc, sealing its biggest acquisition amid the worst oil-industry slump since the global financial crisis.
More than 83 percent of Shell shareholders voted in favor of the transaction, the company said in a statement. Most votes were cast by proxy while other investors met in The Hague on Wednesday.
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The approval vindicates Shell’s belief that it can better ride out the market rout by combining with U.K. oil and gas producer BG. Crude’s tumble since the deal was announced in April prompted some shareholders to question whether it’s paying too much, yet Chief Executive Officer Ben Van Beurden has said the acquisition will boost cash flow and enhance Shell’s ability to pay dividends.....
GE and Baker Hughes have announced that the companies have entered an agreement to combine GE’s oil and gas business, GE Oil & Gas, and Baker Hughes to create a world-leading oilfield technology provider with a unique mix of service and equipment capabilities. The New Baker Hughes will be a leading equipment, technology and services provider in the oil and gas industry with USD32 billion of combined revenue and operations in more than 120 countries. By drawing from GE technology expertise and Baker Hughes capabilities in oilfield services, the new company will provide best-in-class physical and digital technology solutions for customer productivity. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies...
FMC Technologies Inc. and Technip SA appear poised to do what larger oil service and equipment providers Halliburton Co. and Baker Hughes Inc. couldn’t -- close a merger during the market downturn.
The $13 billion combination of U.S. subsea-equipment supplier FMC with Paris-based Technip will deliver at least $400 million in annual pretax savings in 2019, the companies said Thursday. FMC investors will get one share in the new company for each they own, while Technip stockholders will get two.
Industry peers Halliburton and Baker Hughes had also tried to join forces to weather the rout, but called off their planned merger this month amid resistance from regulators in the U.S. and Europe over concerns about reduced competition. By contrast, Technip’s engineering and construction for large offshore...
Halliburton Co. and Baker Hughes Inc. called off their $28 billion merger that faced stiff resistance from regulators in the U.S. and Europe over antitrust concerns.
A day after the merger was called off, Baker Hughes said Monday it will buy back shares and debt with the $3.5 billion break-up fee it’s due this week. The company also said it will cut costs as it focuses on new products for well drilling and production.
The second- and third-largest oil-service firms had set a deadline for the end of April to complete the deal or walk away. The U.S. Justice Department heard concerns from dozens of companies and ultimately concluded that the deal was "not fixable at all," David Gelfand, deputy assistant attorney general, told reporters Monday on a conference call.