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Shell and Blackstone join forces to fuel $10bn BHP shale bid

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Shell, the FTSE 100 oil behemoth, is plotting a $10bn (£7.3bn) joint takeover bid for the American shale division of BHP, the world’s biggest miner.

Sky News has learnt that Shell and Blackstone, the private equity firm, have agreed to work together on an offer for the assets, which were put up for sale last summer by BHP amid pressure from an activist investor.

A joint offer from Shell and Blackstone would be only one of several credible proposals that BHP is expecting to receive for the US shale operations, according to banking sources.

If they were to succeed with a bid, it would be the largest takeover in which Shell has been involved since its £35bn purchase of BG Group in early 2016.

The shale auction, which includes a number of fields in the prized Permian Basin, is expected to lead to a deal later this year.

BHP has indicated that it will consider a separate stock market listing for the division if it fails to generate sufficient value from a trade sale.

It also said this week that it would look at asset swaps as part of the disposal plan.

“Shale is just simply not as capital efficient as the other opportunities for investment across the BHP portfolio, and it’s failed to generate competitive returns on capital employed,” BHP’s petroleum boss Steve Pastor was reported to have said this week.

For Shell, a takeover of the BHP business would accelerate its plans for shale to become a material cash engine by the mid-to-late 2020s.

Ben van Beurden has run Shell since 2013
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Ben van Beurden has run Shell since 2013

Partnering with Blackstone provides the Anglo-Dutch oil giant with additional financing firepower, according to people close to the situation.

The mining group formed the shale unit during a period of frenzied interest in onshore oil resources, spending close to $20bn on the so-called unconventional assets.

In recent months, however, the separation of the shale arm has become a priority following intense pressure from Elliott Advisors, one of the world’s most prolific activist funds.

Elliott is also demanding that BHP consolidate its corporate structure into a single entity based in Australia.

Shell and Blackstone both declined to comment on Thursday.

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Christian Eriksen may not play football professionally again, says sports cardiologist | World News

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Danish footballer Christian Eriksen is unlikely to play professionally again after suffering what was reported to be a cardiac arrest, a leading sports cardiologist has said.

The midfielder collapsed on the pitch during his country’s Euro 2020 game against Finland and had to be resuscitated before being taken to hospital.

Eriksen, 29, was in a stable condition on Saturday night but it has not yet been publicly confirmed what was behind his illness.

Professor Sanjay Sharma is professor of sports cardiology at St George’s University in London and worked with Eriksen during his time at Tottenham Hotspur.

He said: “Clearly something went terribly wrong.

“But they managed to get him back, the question is what happened? And why did it happen?

“This guy had normal tests all the way up to 2019 so how do you explain this cardiac arrest?”

UK football bodies were likely to be “very strict” about allowing Eriksen to play again, he added.

“His cardiac arrest has rocked the entire nation today and that’s what happens. It’s not just them that it affects, it’s the psyche of so many people.

“The good news is he will live, the bad news is he was coming to the end of his career, so would he play another professional football game? That I can’t say.

“In the UK he wouldn’t play. We’d be very strict about it.”

Prof Sharma chairs the FA’s expert cardiac consensus group and is a consultant for charity Cardiac Risk In The Young.

He said the causes of Eriksen’s cardiac arrest could include an unidentified health condition or a high temperature, but reports that the footballer was awake in hospital were “a very good sign”.

“The fact he’s stable and awake, his outlook is going to be very good,” he told the PA news agency.

“I don’t know whether he’ll ever play football again.

“Without putting it too bluntly, he died today, albeit for a few minutes, but he did die and would the medical professional allow him to die again?

“The answer is no.”

Bolton Wanderers footballer Fabrice Muamba experienced a similar collapse after suffering a cardiac arrest during a match against Tottenham Hotspur in March 2012.

He had hoped to resume his career but retired from professional football five months later on medical advice.

One of his doctors, Sam Mohiddin, told the BBC: “The cardiac arrest is a moment of extreme peril.

“If you don’t get someone out of cardiac arrest things are over. You will not survive.

“The ongoing risk to an individual to an extent depends on the precise cause of that cardiac arrest.”

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G7 summit: Sir David Attenborough to tell G7 leaders they face biggest climate change decisions ‘in human history’ | Politics News

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Sir David Attenborough will warn G7 leaders the decisions they make this decade are “the most important in human history” as he urges them to take action on climate change.

The 95-year-old environmentalist will address the heads of the world’s leading democracies at their summit in Carbis Bay on Sunday.

During their final day of discussions, Sir David will call on them to take steps to secure the future of the planet which he says may be on the “verge of destabilising’.

David Attenborough attends a conference about the COP26 UN Climate Summit, in London
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Sir David will address G7 leaders on the final day of their summit

It comes after various climate groups staged protests across Cornwall to lobby G7 leaders on environmental issues this weekend.

In their conclusions from this weekend’s summit, G7 leaders are expected to include a pledge to almost halve their emissions by 2030 relative to 2010.

This will also include promises to end almost all direct government support for fossil fuels and the phasing out of petrol and diesel cars.

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Red arrows fly over Cornwall for G7 summit

And the G7 is also expected to commit to increasing their contributions to international climate finance to $100bn (£70bn) a year to help developing countries deal with the impact of climate change and support sustainable growth.

More on David Attenborough

Ahead of his address to world leaders, Sir David said: “The natural world today is greatly diminished. That is undeniable.

“Our climate is warming fast. That is beyond doubt. Our societies and nations are unequal and that is sadly is plain to see.

British Prime Minister Boris Johnson, U.S. President Joe Biden, France's President Emmanuel Macron, Canadian Prime Minister Justin Trudeau, Australia's Prime Minister Scott Morrison, German Chancellor Angela Merkel, South Africa's President Cyril Ramaphosa and South Korea's President Moon Jae-in attend a working session during G7 summit in Carbis Bay, Cornwall, Britain, June 12, 2021. Leon Neal/Pool via REUTERS
Image:
On Sunday, G7 leaders will again be joined by guest nations Australia, South Korea, South Africa and India.

“But the question science forces us to address specifically in 2021 is whether as a result of these intertwined facts we are on the verge of destabilising the entire planet?

“If that is so, then the decisions we make this decade – in particular the decisions made by the most economically advanced nations – are the most important in human history.”

The G7 is also set to endorse an agreement on halting and reversing biodiversity loss by 2030, including a target to conserve or protect at least 30% of land and 30% of ocean globally by the end of the decade.

Meanwhile, Prime Minister Boris Johnson has used the summit to launch a £500m fund to support countries, including Ghana, Indonesia and Pacific island states, to tackle unsustainable fishing, protect and restore coastal ecosystems like mangroves and coral reefs, and reduce marine pollution.

“Protecting our planet is the most important thing we as leaders can do for our people,” he said.

Climate protesters march along Carbis Bay near St Ives
Image:
Climate protesters march along Carbis Bay near St Ives

“There is a direct relationship between reducing emissions, restoring nature, creating jobs and ensuring long-term economic growth.

“As democratic nations we have a responsibility to help developing countries reap the benefits of clean growth through a fair and transparent system.

“The G7 has an unprecedented opportunity to drive a global Green Industrial Revolution, with the potential to transform the way we live.”

For their final day of discussions on Sunday, G7 leaders will once again be joined by guest nations Australia, South Korea, South Africa and India.

Please use Chrome browser for a more accessible video player

What is the G7?

On Saturday night, the leaders enjoyed a beach BBQ in Carbis Bay and witnessed a flypast by the Red Arrows.

Critics questioned the display by nine aerobatic jet aircraft amid the summit’s focus on climate change.

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G7 summit: Sir David Attenborough to tell world leaders their decisions are ‘most important in human history’ | Politics News

Published

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Sir David Attenborough will warn G7 leaders the decisions they make this decade are “the most important in human history” as he urges them to take action on climate change.

The 95-year-old environmentalist will address the heads of the world’s leading democracies at their summit in Carbis Bay on Sunday.

During their final day of discussions, Sir David will call on them to take steps to secure the future of the planet.

It comes after various climate groups staged protests across Cornwall to lobby G7 leaders on environmental issues this weekend.

Please use Chrome browser for a more accessible video player

Red arrows fly over Cornwall for G7 summit

In their conclusions from this weekend’s summit, G7 leaders are expected to include a pledge to almost halve their emissions by 2030 relative to 2010.

This will also include promises to end almost all direct government support for fossil fuels and the phasing out of petrol and diesel cars.

And the G7 is also expected to commit to increasing their contributions to international climate finance to $100bn (£70bn) a year to help developing countries deal with the impact of climate change and support sustainable growth.

More on David Attenborough

Ahead of his address to world leaders, Sir David said: “The natural world today is greatly diminished. That is undeniable.

“Our climate is warming fast. That is beyond doubt. Our societies and nations are unequal and that is sadly is plain to see.

British Prime Minister Boris Johnson, U.S. President Joe Biden, France's President Emmanuel Macron, Canadian Prime Minister Justin Trudeau, Australia's Prime Minister Scott Morrison, German Chancellor Angela Merkel, South Africa's President Cyril Ramaphosa and South Korea's President Moon Jae-in attend a working session during G7 summit in Carbis Bay, Cornwall, Britain, June 12, 2021. Leon Neal/Pool via REUTERS
Image:
On Sunday, G7 leaders will again be joined by guest nations Australia, South Korea, South Africa and India.

“But the question science forces us to address specifically in 2021 is whether as a result of these intertwined facts we are on the verge of destabilising the entire planet?

“If that is so, then the decisions we make this decade – in particular the decisions made by the most economically advanced nations – are the most important in human history.”

The G7 is also set to endorse an agreement on halting and reversing biodiversity loss by 2030, including a target to conserve or protect at least 30% of land and 30% of ocean globally by the end of the decade.

Meanwhile, Prime Minister Boris Johnson has used the summit to launch a £500m fund to support countries, including Ghana, Indonesia and Pacific island states, to tackle unsustainable fishing, protect and restore coastal ecosystems like mangroves and coral reefs, and reduce marine pollution.

“Protecting our planet is the most important thing we as leaders can do for our people,” he said.

Climate protesters march along Carbis Bay near St Ives
Image:
Climate protesters march along Carbis Bay near St Ives

“There is a direct relationship between reducing emissions, restoring nature, creating jobs and ensuring long-term economic growth.

“As democratic nations we have a responsibility to help developing countries reap the benefits of clean growth through a fair and transparent system.

“The G7 has an unprecedented opportunity to drive a global Green Industrial Revolution, with the potential to transform the way we live.”

For their final day of discussions on Sunday, G7 leaders will once again be joined by guest nations Australia, South Korea, South Africa and India.

Please use Chrome browser for a more accessible video player

What is the G7?

On Saturday night, the leaders enjoyed a beach BBQ in Carbis Bay and witnessed a flypast by the Red Arrows.

Critics questioned the display by nine aerobatic jet aircraft amid the summit’s focus on climate change.

Source link

Continue Reading

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