The British pound escalated on Wednesday as Royal Dutch Shell Plc. announced it would acquire BG Group Plc. for around $70 billion.

Shell’s move marked the most aggressive step in the competition to be the world’s leading supplier of liquefied natural gas.

The pound gained 1.1% versus the US dollar at $1.4972. Against the euro, the currency rose 0.65% at 72.55 British pence.

The news and rumor has driven “things higher this morning rather than the buying itself,” said Adam Myers, European Head of Foreign Exchange Strategy at Credit Agricole.

Acquisition news and recent firm economic figures partially offset pressing concerns before the May general election in the United Kingdom.

Up to this point, it was still uncertain whether David Cameron’s Conservatives or Ed Miliband’s Labour would be able to create a durable government after the elections.

The material has been provided by InstaForex Company –