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Investor confidence in Shell-BG deal grows after Australia approval

Reuters
A logo is seen under a canopy of trees at a Shell petrol station in central London July 29, 2010. REUTERS/Toby Melville

LONDON (Reuters) - Investor confidence in the Royal Dutch Shell's proposed $70 billion acquisition of BG Group rose on Thursday after the merger won a key approval from Australian regulators.

The premium of Shell's combined cash and share offer to BG shares narrowed to below 9 percent on Thursday, according to Reuters data. (graphic: http://link.reuters.com/qyf54w)

The Australian Competition and Consumer Commission (ACCC) earlier gave its unconditional clearance for the deal which will make Shell the world's top liquefied natural gas (LNG) trader and a key offshore oil producer.

The merger still requires the green light from Chinese regulators. Shell hopes to complete the deal by early next year.

(Reporting by Ron Bousso; Editing by Mark Potter)