Published 4 November 2009
Morrison & Co. confirmed yesterday that a consortium of Infratil Ltd & the NZ Superannuation Fund had entered into exclusive negotiations with Shell NZ Ltd over the possible acquisition of Shell’s refining & downstream (distribution & retailing) businesses. Infratil chief executive Marko Bogoievski said: “The scope of the proposed transaction includes, but is not limited to, a 17.1% stake in the NZ Refining Co Ltd, Shell NZ’s supply & distribution infrastructure and its retail & B2B fuel business. “The consortium has submitted a non-binding conditional proposal to Shell and has entered into the final phase of due diligence. Discussions & negotiation will continue during November and further advice on the status of the discussions will be provided as material developments occur. No further comment will be made at this time.” Shell downstream assets:
17.1% of NZ RefiningAccess to refinery & pipeline capacityOwnership/access arrangements to joint national distribution network, including 13 nationwide terminals & shipping infrastructure25% ownership of Loyalty NZ (Fly Buys)Sales & distribution network including, without limitation, 229 retail outlets, 95 truck stops and facilities at Auckland & Christchurch airports.
Other Shell interests in New Zealand include the upstream businesses of exploration & production, and a controlling stake in land development & roadworks company Fulton Hogan Ltd.
13 February 2009: Shell contemplates selling out
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Attribution: Morrison release, story written by Bob Dey for the Bob Dey Property Report.