29th Apr 2015 13:37
LONDON (Alliance News) - Centrica is set to acquire the British Gas name around the world in a GBP1 deal following the Royal Dutch Shell takeover of BG Group, reported Sky on Wednesday.
On April 8, FTSE 100-listed oil and gas companies Shell and BG Group reached an agreement on a cash and shares takeover of BG by Shell.
BG Group's history spans back to the 1950s when it was part of the UK's Gas Council and then British Gas. British Gas was then privatised in 1986, and then separated into two separate companies, BG and Centrica PLC in 1997, when BG took charge of exploration and production whilst British Gas was taken over by Centrica.
The opportunity for Centrica to buy the British Gas name was apparently triggered by the takeover deal via a little-known right inserted in the listing particulars of BG and Centrica when the two companies were demerged in 1997, reported Sky.
The deal would allow Centrica to use the British Gas name outside the UK, which executives are understood to be keen to have the right to do.
http://news.sky.com/story/1474335/bg-takeover-sparks-1-british-gas-name-deal
By Joshua Warner; [email protected]; @JoshAlliance
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