Two’s company

摘要

Shell’s$70bn takeover bid for UK firm BG has shattered several preconceptions about the major.The speed with which Shell has pulled the deal together is impressive—in just three weeks from chief executive Ben van Beurden first contacting BG chairman Andrew Gould.It confounds the long-standing perception that Europe’s largest major suffers from too much management by committee.The timing of Shell’s bid looks better still. “It is bold strategic moves that shape our industry,”van Beurden says.“And Shell and BG are an absolutely formi-dable fit.”Shell is counting on this fit to justify the 50pc premium it is paying and reassure Shell shareholders that it still leaves plenty of scope to realise value from the deal.Its bold price will probably protect BG from a hostile bid from a rival major such as ExxonMobil.And the price also reflects the relative scarcity of takeover targets large enough to offer transformative potential for the majors.