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Monday 21st December 2009 |
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Infratil Ltd and the Guardians of New Zealand Superannuation moved a step closer to acquiring the local downstream assets of Royal Dutch Shell Group after signing a letter of intent for the purchase.
The letter doesn’t constitute a binding agreement though it does “represent Infratil and the Guardians’ clear intention to proceed to acquire Shell’s New Zealand downstream assets if relevant pre-requisites are met including the securing of third-party approvals, they said in a statement.
Shares of Infratil fell 1.2% to $1.63 and are little changed this year.
Shell is selling assets including a chain of 229 petrol stations and a 17% stake in New Zealand refining, the nation’s only oil refinery.
Shell is also in talks to sell its holding in Fulton Hogan back to the closely held construction company.
Businesswire.co.nz
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