Shell plans to offload C$4.1b stake in CNRL
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