Freshfields and Slaughters tapped for Shell’s £47bn takeover of BG Group

Slaughter and May is advising Royal Dutch Shell on its recommended cash and share valued at £47bn to take over natural gas company BG Group, represented by Freshfields Bruckhaus Deringer.

Slaughters commercial partners Roland Turnill, Hywel Davies and Rebecca Cousin are leading the team acting for Shell.

Cravath Swaine & Moore partners William Rogers and Richard Hall are advising Shell on US corporate aspects of the deal. Partner Paul Sleurink of Slaughters’ Dutch best friend De Brauw Blackstone Westbroek is leading a team providing Dutch advice.

Shell’s in-house legal team, comprised of Donny Ching, Michiel Brandjes, Sean Ashley, Anne Riley, Mike Ashworth, Sarah Else, Caitlin Westgarth, Frederick Ratliff, Joe Babits and Mark Edwards was also involved in the deal.

Freshfields corporate partners Mark Rawlinson and Graham Watson are leading the team advising BG.

Shell expects the combination to accelerate its growth strategy in global LNG and deep water. Under the terms of the condition, BG Group shareholders will receive 383 pence in cash and 0.4454 Shell shares for each BG Group share. The terms of the combination value BG Group at approximately £47 billion and will result in former BG Group shareholders owning approximately 19 per cent of the combined group. 

The deal is subject to regulatory approvals in the EU, China, Brazil and Australia, the approval of BG Group’s and Shell’s shareholders. It is expected that the acquisition will be completed in early 2016. 

Background to the deal

Slaughter and May represented Shell during the sale of offloading vessel Maersk Curlew in 2013, also working in combination with Cravath.

Freshfields is on BG Group’s panel, having retained its spot after a review two years ago (12 November 2013).