Australia throws spanner in the works for Shell’s takeover of BG Group
Royal Dutch Shell’s takeover of rival BG Group has been postponed, after Australian regulators voiced concerns about the potential impact on domestic gas supplies.
In a statement today, Rod Sims, chairman of the Australian Competition and Consumer Commission (ACCC), claimed the deal was not in the best interests of Australian consumers, as it might result in a greater proportion of east coast supplies being exported.
He said:
If the proposed acquisition resulted in less supply of gas to the domestic market, therefore, this could substantially lessen competition to supply domestic gas users and lead to higher domestic prices and more restrictive contractual terms.
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