BG Group said Tuesday that the European Union’s antitrust regulator approved its $70 billion merger with Royal Dutch Shell.
UK-based BG Group confirmed the approval on its Twitter account Tuesday morning.
The deal must still be approved by anti-trust and foreign investment bodies in Australia as well as anti-trust regulators in China, Reuters noted.
BG Group has submitted filings for the remaining approvals.
Royal Dutch Shell agreed in June to acquire BG Group for about $70 billion in cash and shares.
BG shareholders will hold a 19 percent stake in the combined group once the acquisition is complete.
The deal is expected to grow Shell’s proved oil and gas reserves by 25 percent and increase its production by 20 percent while saving the company $2.5 billion per year.