New Zealand: Infratil & Shell Deal Expected Soon
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Tuesday, 09 February 2010 |
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Infrastructure investor Infratil expects to complete the purchase of
Shell's downstream assets "shortly", according to its monthly
operational report.
Infratil says the acquisition's documentation was "progressing
satisfactorily" and that it would update the market once the
transaction is made. Infratil, in consortium with the New Zealand Super
Fund, have been in talks with Shell after the announced in July last
year that it was looking to sell its downstream business assets in New
Zealand.
Shell's downstream assets include its 230 service station network in
New Zealand, a 25% holding in FlyBys manager Loyalty New Zealand and
its 17% holding in New Zealand Refining. The consortium on December 21
announced that it had signed a letter of intent to proceed with the
acquisition of the downstream assets, but did not say which assets it
was intending to buy.
Infratil sold its 32% stake earlier this month in Australian based
clean energy company Energy Developments for $AU139.9 million ($NZ176
million), and in November last year sold its stake in Lubeck Airport in
northern Germany.
PetrolWorld 070210 Source: tvnz
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