Shell has launched a AUD617 m ( $ 416 m ) takeover bid for Australia ’s second - biggest business and industry services supplier , ERM Power , to gain a share of the country ’s commercial and industrial output . ERM has agreed to the deal , with the main shareholder saying he will accept if no higher bid is made . A full shareholder vote is scheduled to take place in November . Shell said the deal was part of a strategy to expand its integrated manufacturing operations , on which spending would increase to between $ 2bn and $ 3bn by 2025 .
Shell has launched a AUD617m ($416m) takeover bid for Australia’s second-biggest business and industry energy supplier, ERM Power, to gain a quarter of the country’s commercial and industrial market. ERM has agreed to the offer, with the main shareholder saying he will accept if no higher bid is made. A full shareholder vote is expected to take place in November. Shell said the deal was part of a strategy to expand its integrated power operations, on which spending will increase to between $2bn and $3bn by 2025.