BG jumps as Shell takeover rumour sweeps the City

Evening Standard - London › June 19, 2009

Linked as:

Summary

SHARES in oil and gas giants BG Group, up 14p at 1041p, and Royal Dutch Shell, down 3p at 1574p, were the subject of an early burst of takeover speculation today.

The gossips were peddling the story that Shell is looking around for a buyer for its 34% stake in Australia's Woodside Petroleum, which could raise somewhere in the region of Pounds 5 billion. It wants to use the proceeds to make a down payment on a bid for BG Group, a company carrying a price tag of almost Pounds 35 billion. The speculators say Shell wants to bid for BG Group to replenish its reserves of oil which have been in decline during recent years.

See the full content of this document

Extract

BG jumps as Shell takeover rumour sweeps the City

BG has no shortage of oil reserves having struck it rich with its partner Petrobras at the Tupi field in the Santos Basin, off the coast of Brazil in 2007. Oil experts say Tupi is li...

See the full content of this document