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REPORT: Royal Dutch Shell is in talks to buy the $46 billion British gas company BG Group

shell oil barrels
shell oil barrels

(flickr/blizzy78)

According to The Wall Street Journal, Royal Dutch Shell is in talks to acquire British gas producer BG Group, which has a market value of $46 billion. Shell's market cap is over $190 billion.

According to headlines from Bloomberg on Tuesday night, BG Group confirmed to Bloomberg News that it is in talks to be acquired by Shell.

In after-hours trade on Tuesday, US-listed shares of Shell were roughly unchanged; shares of BG Group trading in London gained more than 6% on Tuesday.

The Journal notes that in February, BG said it would write down the value of its oil and gas assets by $9 billion in response to the crash in oil prices. Shell also announced in January that it would cut spending by $15 billion and curb its investments in shale oil.

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Year to date, Shell shares trading in New York are down more than 7% while BG shares are up 5%.

Over the last six months of 2014, shares of Shell declined 19% as the price of oil fell by about 50%.

In December, Shell was the part of deal rumors involving oil giant BP, with Reuters reporting that chatter among traders at the time pushing shares of BP higher. Nothing came of these rumors.

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