Shell plans to off­load C$4.1b stake in CNRL

New Straits Times - - Business -

TORONTO/NEW YORK: Roya l Dutch Shell Plc has de­cided to off­load a C$4.1 bil­lion (RM12.88 bil­lion) stake in Cana­dian Nat­u­ral Re­sources Ltd (CNRL) that it ac­quired as part of a deal to re­treat from Canada’s oil sands ear­lier this year, said sources.

The en­ergy com­pany has been in­ter­view­ing in­vest­ment banks to hire a fi­nan­cial ad­viser for the share sale, said four sources.

The deal could be one of the big­gest-ever eq­uity sales in Canada. The largest Cana­dian eq­uity deal so far was Tran­sCanada Corp’s C$4.4 bil­lion of­fer­ing last year.

Cana­dian Nat­u­ral shares fell about one per cent and were trad­ing down 2.1 per cent at C$41.12 on Tues­day af­ter­noon.

Shell plans to use the pro­ceeds to help pay the debt it as­sumed with the ac­qui­si­tion of BG Group, said the sources. Reuters

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