This emerged at a press conference in London on Wednesday morning.
Lund and the other lead of the British oil and gas producer BG Group has agreed to continue in their positions until the merger of the two companies is completed, scheduled sometime next year, lighted BGs Chairman Andrew Gould at a press conference.
50 percent above market price
The association occurs when Shell buys BG Group. The price is set at 47 billion pounds (564 billion. Pounds). Shell pays BG shareholders in the form of a cash payment and shares in the merged company.
Price pr. share is 50 percent higher than the closing price of BG shares on London Stock Exchange on Tuesday.
The Board of BG Group recommends shareholders to accept the offer from Shell.
It is Shell’s CEO, Ben van Beurden, who will lead the new great company.
Shell boss: – Lund will do something on your own
Shell CEO Ben van Beurden told TV channel CNBC that Helge Lund will ” do something on your own “after Shell has taken over BG Group, it writes Stavanger Aftenblad.
Probably it will take up to a year before the acquisition process is in the bag, and thus may Lund be seated as BG Group chief until the beginning of 2016.
BG Group will not comment on the acquisition or Lunds future and refers to Shell.
Will create more competitive company.
In a announcement of both BG Group and Shell says Shell Chairman Jorma Ollila, the goal of the acquisition is to create a more competitive and stable company for both companies’ shareholders.
In exchange message is also clear that BGs shareholders comes to owning 19 percent of the new merged company.
Talks between Shell and BG Board shall have begun a short time ago, after Lund took over as managing director of the British company in February.
Lund in the short time CEO of BG Group given its shareholders a good return, said Chairman Gould at the press conference.
Can be profitable for Lund
There was controversy about Lunds pay package when he agreed to take over the top executive position last fall.
Some of the shareholders of BG Group reacted to share the values that were baked into salary package his and ended up with withdraw from the 60 million in share values.
The British think tank High Pay Centre, which last autumn starts campaign for Lunds pay package reduced, told Aftenposten that the Norwegian’s unenthusiastic resignation as senior BG Group shows why so high executive pay is not necessarily a good investment.
– This illustrates an important point. BG spent a lot of money to get over Lund, based on the idea that he was such a talented and visionary leader that he solely should stake out a successful future for this company and reverse the trend. But what has happened in practice is that larger market forces, such as oil prices and writedowns that sent BG Group downward course, has made the company vulnerable to takeover. It shows that these godlike industrikapteinene not determine the future of our industries, but on the contrary greater market forces beyond their control, says think tank director Luke Hildyard Aftenposten.
Led Statoil for 10 years
Before he took over the job in the British oil and gas company was Lund CEO of Statoil in over 10 years, and chaired including merger with Hydro’s oil and gas division.
One of the first Lund had to do in his new role in BG Group was to write down the value of the firm’s oil and gas holdings by 9 billion, the newspaper Dagens Næringsliv.
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