Shareholders for BG Group were said to be still in discussions on the tie-up with Royal Dutch Shell for what could be the largest merger of its kind in decades.

Sources familiar with the agenda said meetings were still underway in London as of 12:15 p.m. local time. Shareholders are being asked whether to accept an offer to combine with Royal Dutch Shell.

The $7 billion combination will be one of the largest mergers of its kind since Exxon and Mobil joined in the 1990s. More than 80 percent of the shareholders in Shell voted Wednesday in favor of the deal.

Shell CEO Ben Van Buerden said at the time the positive vote reflected the "strategic logic of the combination of Shell and BG."

Speculation over the possibility of the merger emerged in December when The Daily Telegraph in London suggested some shareholders may be wary of the deal. The Telegraph reported investment firm Capital Group unloaded about $150 million worth of shares in BG Group. The divestment came one week after other investors said the deal doesn't make sense, given the steep drop in crude oil prices.

Crude oil prices are off about 2.5 percent since that report was published, though major declines last week means Brent, the global benchmark price, is down about 8 percent for the year.

Shell said combining with BG Group would mark the start of a new chapter for the company. Costs will move lower by about $4 billion for 2016, but also result in widespread redundancies. About 10,000 staff and director contractor positions will be eliminated across both companies.

BG reported third quarter earnings came in about 67 percent less than the same time last year. At the time, the company said lower commodity prices were offset by higher production volumes. BG Group CEO Helge Lund said at the time the transaction with Royal Dutch Shell would be completed by early 2016.

If approved, the transaction would be finalized Feb. 15.