Infratil, NZ Super Fund in talks to acquire Shell assets

Infratil and the New Zealand Superannuation Fund have teamed up for exclusive talks with Royal Dutch/Shell Group over the possible acquisition of the energy company’s local refining and downstream businesses.

Shell owns 17.1% of New Zealand Refining, the nation’s only oil refinery, worth $219 million at today’s price. It also owns 25% of Fly Buys, 229 petrol stations, owns truck stops, Auckland facilities and fuel distribution.

Infratil and the fund “has submitted a non-binding conditional proposal to Shell and has entered into the final phase of due diligence,” Infratil chief executive Marko Bogoievski said in a statement.

“Discussions and negotiation will continue during November and further advice on the status of the discussions will be provided as material developments occur.”

Shell is exiting downstream businesses and has stopped exploration, leaving its oil and gas production from the Maui and Pohokura fields, and a stake in construction company Fulton Hogan. It is separately negotiating with the shareholders of Fulton Hogan to exit its stake via a share buyback.

Shares of NZ Refining rose 0.8% to $5.24 and have gained 15% in the past month. Infratil fell 0.6% to %1.64. 

Businesswire.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Printable version

Related News

Infratil reports drop in first half profit, on track for year
Infratil to boost capex at Wellington Airport for peak-time capacity
Utilico sells down stake in Infratil
Daily ShareChat: Infratil
Daily ShareChat: Infratil
Infratil highlights its success with Trustpower
Daily ShareChat: Infratil
Infratil gains confidence on earnings outlook
Morrison looking at Port of Brisbane lease
Infratil's Snapper may get surge in sales as gap widens with cash fares

Get quotes for Infratil Limited Ordinary Shares (IFT)

NZX Annoucements for IFT