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| Exxon Mobil said to have abandoned £70 billion BP takeover deal - part 2 Posted: 19 Apr 2016 09:20 AM PDT Wow - these "old" or "stale" deal stories are becoming quite fashionable. Reuters has just unveiled an "exclusive" scoop revealing ChemChina made a multi-billion takeover approach for BG Group, which has just been bought by Royal Dutch Shell. Here is the link: http://www.reuters.com/article/us-chemchina-bg-m-a-exclusive-idUSKCN0XG1UE According to Reuters's seven (yes, seven) banking and industry sources, ChemChina approached BG Group's chairman Andrew Gould late last year with plans for a full cash bid. Apparently, Gould thought ChemChina's approach was flaky so didn't bother presenting it to the BG Group board. It's not clear what the point of this story is apart from dropping BG Group's former chairman in it (I'm pretty sure BG Group shareholders would have love to known about a rival bid). I mean, it's not like ChemChina could return for BG Group as it's been sold to Royal Dutch Shell and a bid for the newly-merged £200 billion plus oil major would appear to be too much of a large mouthful for the ambitious ChemChina. Still, for M&A watchers (like myself) looking for clues about the next potential deal the Reuters article is an interesting read and demonstrates ChemChina's huge ambitions...  |
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