PLD has announced that it has raised $15 billion to buy rival BG Group.
It says it will buy BG Group as part of its wider takeover plan to buy up to 10% of BG Group, which has been in talks with BG Group’s parent company, the United Arab Emirates.
BG Group is one of the world’s largest energy producers and its stock is up more than 35% this year.
BG’s shares have risen since the merger and it has a market value of more than $1.3 trillion.
BG has more than 300,000 employees and is valued at more than a trillion dollars.
The two companies have been working on their merger since February.
The merger is expected to close by March 31.
BG CEO Ali Bin Mohammed Al-Attar said that the deal will enable BG Group to compete with the likes of EDF, Energi, S&P, BP, Chevron and others.
“The merger with PLD will benefit BG Group in all respects, and in particular the ability to acquire BG Group and BG shares, which are valued at approximately $1 trillion, to provide BG Group with additional financing for future projects,” Al- Attar said in a statement.
The deal is the latest in a string of moves by BG to consolidate its position in the energy sector.
BG and BG Group have been at loggerheads over a number of issues.
BG owns BG Energy in Abu Dhabi.
BG Energy is a subsidiary of the Abu Dhabi government, which is also owned by the government of Abu Dhabi, a United Arab Emirate.
BG is also part of the larger Dubai International Airport Authority (DITA), which is controlled by the UAE government.
BG also owns the Al Khorribi oil field in Oman.
BG was the subject of a $5 billion takeover in November, but the deal was eventually scrapped.
BG shares fell more than 25% this month after BG announced that the merger with its rivals would be completed by March.
BG said that it will pay $5.25 a share for BG shares and $2.40 a share each for BG and Energies shares.
BG hopes to achieve an initial public offering by the end of this year, and the IPO is expected later this year or in 2019.
BG expects to spend $1 billion on the merger, with about half of the proceeds going to its board of directors, and about half to its shareholders.