Market Chatter: Shell, Abu Dhabi National Oil in Late-Stage Sale Talks Over South African Gas Stations

MT Newswires Live04-14

Shell (SHEL) is in late-stage discussions to sell its South African retail fuel network to Abu Dhabi National Oil, Bloomberg reported Tuesday, citing people with knowledge of the matter.

The prospective $1 billion transaction includes 600 fueling locations and would secure a 10% regional market share for the buyer, the media outlet reported.

A final agreement could be reached during the current quarter after earlier acquisition negotiations with Gunvor Group collapsed, according to the publication.

Shell and Abu Dhabi National Oil did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 91.37, Change: -1.23, Percent Change: -1.33

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