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Royal Dutch Shell buys BG Group for £47 billion

AFP
Royal Dutch Shell on Wednesday announced a mega takeover of British rival BG Group worth £47 billion ($95 billion, 64 billion euros)

Royal Dutch Shell on Wednesday announced a mega takeover of British rival BG Group worth £47 billion ($95 billion, 64 billion euros).

"The boards of Shell and BG are pleased to announce that they have reached agreement on the terms of a recommended cash and share offer to be made by Shell for the entire issued and to be issued share capital of BG," said a statement issued by the Anglo-Dutch group.

BG Group, Britain's third largest energy company, has slashed spending and said in February it would write down the value of its oil and gas assets by almost $9 billion due to the oil price slump.