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Reuters: Shell plans to sell C$4.1B stake in Canadian Natural Resources

Published 05/23/2017, 03:15 PM
© Reuters.  Reuters: Shell plans to sell C$4.1B stake in Canadian Natural Resources
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  • Royal Dutch Shell (LON:RDSa) (RDS.A, RDS.B) is seeking to sell a ~C$4.1B (US$3B) stake in Canadian Natural Resources (CNQ -1.4%) that it acquired as part of a deal to retreat from Canada's oil sands earlier this year, Reuters reports.
  • Shell has been interviewing investment banks to hire a financial adviser for the sale, which would help pay down the debt it assumed with the acquisition of BG Group, according to the report.
  • Shell agreed in March to sell most of its Canadian oil sands assets for $8.5B, including ~98M CNQ shares which are currently valued at ~C$4.1B.
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