Published 22 December 2009
Infratil Ltd and the Guardians of NZ Superannuation have signed a letter of intent relating to their potential acquisition of Shell NZ Ltd’s downstream assets.
The heads of the 3 parties said yesterday the letter of intent wasn’t an acquisition contract. “However, it does represent Infratil & the Guardians’ clear intention to proceed to acquire Shell’s New Zealand downstream assets if relevant pre-requisites are met, including the securing of third-party approvals.”
Last Friday, Infratil & the Super Fund said they were continuing to progress the necessary due diligence & documentation to acquire Shell’s sales & distribution activities in New Zealand and its stake in the NZ Refining Co Ltd. “The process is significantly advanced and is expected to complete early in 2010,” they said then.
4 November 2009: Infratil & Super Fund combine for Shell Downstream bid
13 February 2009: Shell contemplates selling out
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Attribution: Joint release, story written by Bob Dey for the Bob Dey Property Report.