Shell today confirmed it had cancelled its £10,070,000,000 bridge credit facility.
The agreement was originally made with a group of relationship banks “with the recommended cash and share offer made by Shell for the entire issued and to be issued share capital of BG Group”.
However, the oil major has now said it’s in a position to fund the full amount of cash consideration itself.
Last month, BG shareholders voted 99.53% in favour of the merger, while 83.08% of Shell’s shareholders voted in favour of the move.
Elsewhere, Shell’s project & technology director, Harry Brekelmans, said the industry was in the crux of its own renaissance.
He said the industry had burdened itself with a dizzying amount of specifications, costing both money and time.
“Every accumulating specification informed by sometimes unique incidents as well as individual engineering preferences has resulted in a proliferation of company specific requirements and this is on top a multitude of industry standards for virtually any piece of equipment,” he said.