8th May 2018 08:04
LONDON (Alliance News) - Oil major Royal Dutch Shell PLC on Tuesday said it has agreed to sell its entire holding in Canadian Natural Resources for approximately USD3.3 billion.
Shell said subsidiary Shell Gas BV has entered an underwriting agreement with Goldman Sachs & Co, RBC Capital Markets, Scotiabank, and TD Securities to sell its 97.6 million shares in Canadian Natural.
The company did not say how much of Canadian Natural those shares represented. At the end of 2017, however, Shell reported its stake in Canadian Natural Resources stood at 8.0%.
The funds will be used to reduce net debt, and Shell expects the sale to complete on Wednesday.
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