BG Group shareholders have voted by 99.53% in favour of the merger between the company and oil giant Shell.
It comes just a day after the deal achieved final backing from Shell investors at a meeting in The Hague.
The move marks the biggest merger between two supermajors in more than a decade.
Shell chief executive Ben Van Beurden said:“I am very pleased that BG shareholders have voted in favor of the combination and look forward to welcoming them onto our register when the transaction closes.
“BG adds attractive deepwater and integrated gas positions and will act as a catalyst for accelerating the re-shaping of our business. We now look forward delivering the benefits of the combination as quickly as possible following completion.”
The deal is expected to make more job cuts in the industry.
Earlier this month, Shell said it had made around 10,000 job losses in both staff and contract positions.
Both companies have been looking to streamline costs as the two companies become integrated.
The $70billion offer to BG was made in April last year.
Shell said the transaction between the companies will be formally approved on February 15.
Earlier this week, China’s government approved Shell’s £47billion takeover of BG Group, a Ministry of Commerce spokesman has confirmed.
This meant that Shell passed the last anti-monopoly review prior to the completion of the acquisition.
Shell’s acquisition, the industry’s biggest in at least a decade, has previously come under scrutiny after oil prices fell by half from about $60 a barrel the day before it was announced in April.
Van Beurden has previously been on the PR offensive in a bid to sway shareholders and public perception that deal still makes financial sense despite the rapid decline of Brent.
The company boss said oil needs to be above $60 over the next 20 to 30 years for the takeover to pay-off.
Recommended for you
