Shell shareholders approve BG Group acquisition

Royal Dutch Shell shareholders today approved the company’s proposed $70 billion purchase of British oil and gas firm BG Group. The transaction is expected to close Feb. 15, pending approval by BG’s shareholders. The deal would create the world’s largest independent LNG producer and bolster Shell’s deepwater growth. Shell and BG expect to save about $3 billion in the merger. It was announced last week the two firms would lay off 10,000 employees and direct contractors over the next two years.