Norway's Wealth Fund to Okay BG-Shell Merger

Norway's $790 billion sovereign wealth fund, the world's largest, will vote in favour of the merger of energy companies Royal Dutch Shell and BG , it said on Wednesday.

"Norges Bank Investment Management considers that the transaction accelerates value for BG Group PLC (BRGXF) shareholders and is in the best long-term interest of Royal Dutch Shell PLC (RYDAF) shareholders," the fund said in two statements to shareholders.

A spokeswoman for the fund said the price of the transaction was fair overall.

"In an environment of low oil price, we believe the companies will stand stronger together," she said.

The fund is Shell's fifth-biggest investor with a stake of 2.46 percent and BG's second-biggest investor with a stake of 3.73 percent, according to Thomson Reuters data.

Reporting by Camilla Knudsen