Shell share price falls as shareholders vote in favour of Shell and BG Group

Jessica Morris
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BG shareholders will vote tomorrow (Source: Getty)

Royal Dutch Shell shareholders gave the oil giant's acquisition of smaller rival BG Group the green light at a general meeting today, paving the way for the biggest energy deal in decades.

Analysts had widely expected Shell shareholders to approve the £47bn mega-deal, despite low oil prices stoking concern over value for money. Of those that voted, 83 per cent were in favour, while 17 per cent were opposed.

The deal is also likely to get the requisite 75 per cent approval from BG shareholders who will vote tomorrow.

Oil prices have fallen from around $55 per barrel when the deal was initially announced in April, to about $30 today.

Ben van Beurden, chief executive of Shell, said: "I am delighted with the positive shareholder vote and the confidence that shareholders have shown in the strategic logic of the combination of Shell and BG."

"Our immediate focus is on the successful completion of the transaction and we now await the results of tomorrow’s BG shareholder vote."

Shell Class B shares closed down 1.34 per cent to 1,401.53p per share this afternoon.

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