Royal Dutch Shell to sell stake in Canadian Natural Resources for $4.3B
by The Canadian Press
The sale is expected to be finalized May 9; other foreign companies have reduced exposure to the oilsands
TORONTO—Royal Dutch Shell is selling its stake in Canadian Natural Resources Ltd. for about $4.3 billion.
The sale of more than 97 million shares represents Shell’s entire interest in Canadian Natural, a roughly eight per cent stake in the company.
Shell said in a statement Monday night that proceeds from the sale will contribute to reducing net debt.
The sale is expected to complete on Wednesday.
Shell shares closed at $45.30 on the Toronto Stock Exchange on Monday.
The company acquired the shares last year when it sold its Alberta oilsands assets to Canadian Natural for $11.1 billion in cash and stock.
Other foreign companies that have reduced exposure to the oilsands include Norway’s Statoil, Arkansas-based Murphy Oil and France-based Total SA.
Cenovus Energy bought most of the Canadian assets of Houston-based ConocoPhillips last year.