BlackRock Inc. and Norway’s sovereign wealth fund are poised to cash in after Royal Dutch Shell Plc agreed to buy BG Group Plc in the largest oil and gas deal in more than a decade.
BlackRock, the world’s largest asset manager, owns 257 million shares or about 7.5 percent of BG Group, according to data compiled by Bloomberg from a filing on March 19, 2014. Norges Bank Investment Management, Norway’s sovereign fund, owns about 5 percent of BG, figures compiled by Bloomberg show.
BG rose as much as 43 percent and traded up 34 percent at 1,218.5 pence by 1:03 p.m. in London. Shell’s cash and stock offer is about a 50 percent premium on BG’s close on Tuesday.
Shell’s 47 billion-pound ($70 billion) takeover will create the largest producer of liquefied natural gas and may spur more mergers as companies seek bargains amid a slump in oil prices.
Fund manager Capital Group Companies Inc. owns 3.1 percent of BG and Legal and General Investment Management Ltd., an asset-management unit of Legal & General Group Plc, holds 3 percent, according to data compiled by Bloomberg.
Norges Bank manages Norway’s Government Pension Fund Global, set up in 1990 to invest revenue from the country’s oil and gas production. Called the Petroleum Fund until 2006, capital is invested abroad to avoid overheating the Norwegian economy, Norges Bank says on its website.
Marthe Skaar, a spokeswoman for Norges Bank Investment Management, declined to comment when contacted by Bloomberg.