3rd May 2016 09:53
LONDON (Alliance News) - Royal Dutch Shell PLC Monday said it has completed the sale of its marketing business in Denmark for around USD300.0 million after being given the all clear by the European Commission.
The oil and gas major agreed to sell the business, Dansk Fuels, to a subsidiary of international fuel retailer Couche-Tard back in March 2015 as Shell concentrates on its own downstream operations and other markets where it can be more completive.
Importantly, Shell said its upstream business, referring to its production in Denmark, is "not impacted" by the sale of the marketing business, adding the Shell brand will remain visible in the country through a trademark licence agreement.
Couche-Tard said it expects the deal to be completed in May and is financing the deal through existing cash resources.
As a result of acquiring Dansk Fuels, Couche-Tard will take over 315 sites, of which 225 are full-service stations, 75 are unmanned automated fuel stations and the remaining 15 are truck stops.
Shell 'A' shares were trading down 2.0% to 1,744.0 pence per share on Tuesday morning whilst 'B' shares were trading down 2.2% to 1,747.0 pence.
By Joshua Warner; [email protected]; @JoshAlliance
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