Investing.com - Royal Dutch Shell (L:RDSa) expects to slash thousands more jobs to save costs if its takeover of BG Group (L:BG) goes through as planned early next year following a final green light from China.
The acquisition, which was announced on April 8 and is biggest in the sector in a decade, has been cleared by China's Ministry of Commerce, Shell said on Monday, after earlier approvals from Australia, Brazil and the European Union.
Shortly after announcing the green light from China, Shell issued a statement saying it expected to cut about 2,800 roles globally from the combined group.
The combination will transform Shell into the world's top liquefied natural gas trader and a major offshore oil producer focused on Brazil's rapidly-developing sub-salt oil basin that would rival Exxon Mobil (N:XOM)'s position as the world's biggest international oil company.