Shell, BG deal snaps up Chinese clearance
Shell's multi-billion takeover of BG has been given the go-ahead by Chinese officials, surpassing its final clearance hurdle.
merger
Technip and FMC Technologies in merger talks
Technip and FMC Technologies are said to be in merger talks, according to reports. The oilfield services provider has held talks about a potential combination although terms have not yet been agreed on. Sources familiar with the matter said there is no certainty the two companies will do so.
Shell, BG deal clears another Australian hurdle
Shell's takeover of BG secured approval from the Australian Foreign Investment Review Board (FIRB), it was today confirmed.
Hayward’s Genel in takeover talks
Tony Hayward's Genel Energy is thought to be in thick of merger talks with African Global Energy (New Age).
Rockhopper and Falkland Oil and Gas agree merger deal
Rockhopper Exploration and Falkland Oil and Gas have agreed merger deal - a move which will create the largest North Falkland Islands licence.
US approves proposed Schlumberger and Cameron merger
The US Department of Justice has approved the proposed merger between industry heavyweights Schlumberger and Cameron.
Major oil companies have half-trillion dollars to fund takeovers
The world’s six largest publicly traded oil producers have more than a half-trillion dollars in stock and cash to snap up rival explorers. Exxon Mobil Corp. tops the list with a total of $320 billion for potential acquisitions. Chevron is next with $65 billion in cash and its own shares tucked away, followed by BP Plc with $53 billion, according to data from corporate filings compiled by Bloomberg. Merger speculation was running high after Anadarko Petroleum Corp. said Wednesday it withdrew an offer to buy Apache Corp. for an undisclosed amount. Apache rebuffed the unsolicited offer and wouldn’t provide access to internal financial data, Anadarko said. Both companies are now takeover targets, John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, said by phone.
Halliburton, Baker Hughes to sell additional businesses
Halliburton and Baker Hughes will sell additional businesses in connection with the former's pending acquisition of its smaller rival. In November last year Halliburton announced its proposed acquisition but in recent month it has run into regulatory hurdles with US antitrust enforces who believe the merger will lead to higher prices and less innovation. Halliburton said in April that it would sell three of its drilling businesses and on Monday said it had received proposals from multiple interested parties for each business.
Deal between trio of LNG firms scrapped after negotiations reach stalemate
A trio of companies have ended their planned merger after the parties failed to agree on terms. The deal would have created one of the largest floating LNG infrastructure companies between Flexlife LNG, Geveran and Exmar. The companies had agreed on main terms for the transaction in July this year but it was still awaiting due diligence as well as agreement on some finer details.
Shell boss says BG acqusition fears have been “exaggerated”
Concern by investors that Shell will not complete its planned acquisition of BG Group has been exaggerated, according to the oil major’s chief executive. According to reports in the Financial Time, Ben Van Beurden told the paper that the two companies’ share prices had been “knocked about” by recent upheaval in stock markets. Van Beurden said both companies’ valuations were driven by “risk aversion at the moment, rather than careful considered pricing.”
Shell and BG mega-merger faces regulatory delay
The £47billion mega-merger between oil giants Shell and BG Group faces regulatory delay after authorities in Australia deferred a decision to let the deal go ahead. Shell said it was “working closely" with the Australian competition regulator after the watchdog delayed a critical decision on clearance for the deal, signalling it has reservations about the potential impact on gas supply. The deferral of the decision until September 17 leaves the clearance from the Australian Competition and Consumer Commission as one of three key approvals still outstanding, alongside China and the UK.
Shell’s BG offer gets nod from European Commission
The European Commission has given unconditional merger clearance for Shell's $70billion offer for BG Group.
Halliburton facing antitrust hurdles over Baker Hughes
Halliburton Co.’s takeover of Baker Hughes Inc. is facing resistance from US enforcement officials who are concerned the tie-up could hurt competition, according to a person familiar with the matter. Justice Department lawyers reviewing the proposed $34.6 billion transaction are worried about consolidation in the industry from combining the No. 2 and No. 3 firms, said the person, who asked not to be identified because the review is confidential. Though Halliburton has proposed selling some assets to other companies, government officials aren’t convinced its plan would restore sufficient competition, the person said.
WPX Energy snaps up RKI Exploration in a $2.35billion takeover
WPX Energy has bought over RKI Exploration & Production in a $2.35billion deal. The move by the oil and gas explorer, which is a spin off from Williams Cos, comes just a day after Marathon Petroleum Corp agreed to takeover MarkWest Energy. WPX has been looking at its options in a bid to increase its profit over the next five years as well as increasing its oil output considerably.
Refiner Marathon buys MarkWest for $15.8billion
The pipeline unit of refiner Marathon Petroleum Corp. plans to buy MarkWest Energy Partners LP, the second-largest U.S. processor of natural gas, for about $15.8 billion in stock and cash. The transaction represents a major expansion into pipelines and processing for Marathon, which created its pipeline unit MPLX LP in 2012, the year after it was spun out of producer Marathon Oil Corp. The refiner has more than doubled in value since then as processors reap the rewards from low crude prices brought on by the shale revolution.
Halliburton, Baker Hughes agree to extend antitrust review deadline on merger
Baker Hughes and Halliburton have entered into a timing agreement with the antitrust division of the US DOJ (Department of Justice). It means the period for the DOJ’s review of the takeover will now be completed at the end of November, 90 days after both companies have certified compliance. A deal has also been reached between Baker Hughes and Halliburton to extend the time period for closing the acquisition to no later than December.
Shell-BG $70 bln deal crosses key milestone with U.S. clearance
U.S. regulators have given the green light for Royal Dutch Shell's proposed $70 billion acquisition of British rival BG Group, the first clearance for the biggest deal in the energy sector in over a decade. The two companies said on Tuesday the United States Federal Trade Commission (FTC) had cleared the deal. The deal, which the companies aim to complete by early 2016, will require further regulatory clearances from all the countries BG operates in, including the European Union, China, Australia and Brazil.
Downing Street warns BP it would oppose merger
The UK Government has warned oil giant BP it would oppose any foreign takeovers bids for the company. Shell’s recent takeover of BG has heightened speculation that BP could be the next company to be caught up in a wave of mergers since the oil price decline. According to reports, ExxonMobil could make a move for BP.
BP readies defences as oil industry responds to Shell’s BG raid
As the oil industry takes stock of Royal Dutch Shell Plc’s $70 billion move for BG Group Plc, one company has more to chew on than most. BP Plc, the UK’s most storied oil producer and prime mover in previous rounds of consolidation, is now thinking what was once unthinkable: that it could be next in the cross-hairs. BP executives are concerned the company is vulnerable to an opportunistic bid, according to people familiar with the situation. In response, they’ve stepped up internal reviews of takeover scenarios and war-gamed defense strategies with advisers from firms including Morgan Stanley, said the people, all of whom asked not to be identified discussing a private matter. Exxon Mobil Corp. and Chevron Corp., the two largest US producers, are seen as the only realistic predators.
Statoil chief says more oil deals likely after Shell-BG merger
The chief executive officer of Norway’s largest oil producer said the industry will probably see more deals after Royal Dutch Shell Plc’s $70 billion to BG Plc, especially if crude prices remain depressed. “All player are looking now at opportunities,” Eldar Saetre, said in Washington on Friday. “There could be more deals. It depends on the oil price, if prices stay low players will get distressed and look for deals.” Saetre said that the high valuation expectations of potential sellers was “still a problem.”
Nigeria signs Rosatom deal for up to $80 billion nuclear power
Nigeria is in talks with Russia’s Rosatom Corp. to build as many as four nuclear power plants costing about $80 billion as Africa’s biggest economy seeks to add 1,200 megawatts capacity by the end of the decade. The West African nation signed an agreement with Rosatom to cooperate on the design, construction, operation and decommissioning of a facility, said Franklin Erepamo Osaisai, chairman and chief executive officer of the Nigeria Atomic Energy Commission. It will be increased to four nuclear plants with total capacity of 4,800 megawatts by 2035, with each facility costing $20 billion, he said.
BG Group and Shell merger – what does it mean?
A proposed cash and shares deal between the two companies will leave BG shareholders owning about 19% of the combined company. For oil major Shell, the addition of BG will increase the company's proved oil and gas reserves by 25%. It will also boost production by 20% and provide Shell with a much stronger position in new oil and gas projects, particulary in Australia and in Brazil. The deal will also generate synergies of around $2.5billion a year.
BG Group FTSE 100 shares rise on Shell merger talks
Shares in BG Group have risen by more than a third after it was revealed the company was in talks with oil major Shell. The deal, which broke last night, began as BG Group confirmed speculation it was in talks with the company. It has since been confirmed that its board has backed an offer from Shell for a £47billion takeover. The companies have unveiled details of the merger in a statement to the London Stock exchange.
Repsol buys Talisman Energy in $8.3billion takeover deal
Repsol has reached an agreement to buy Talisman Energy in a deal worth an estimated $8.3billion. The move comes after a week of speculation the two companies were in talks once again. Earlier this year Repsol had confirmed it was looking at a potential transaction with the Canadian energy firm. A spokesman said the deal received the unanimous approval of both boards.
Halliburton to assemble integration team ahead of merger
Halliburton has appointed its chief financial officer (CFO) as chief integration officer to lead its merger with Baker Hughes. Mark McCollum will serve as head of the joint integration team the two companies are assembling. It comes after they revealed plans to merge last month in a $34.6billion deal.