Shell receives EUR464m bid from DCC for LPG business
Oil giant Shell is in exclusive talks with support services group DCC to sell its Butagaz liquefied petroleum gas business in France.
AEX Index
862.50
08:00 09/09/22
DCC (CDI)
5,370.00p
15:45 15/11/24
FTSE 100
8,060.61
15:45 15/11/24
FTSE 250
20,508.75
15:45 15/11/24
FTSE 350
4,453.56
15:45 15/11/24
FTSE All-Share
4,411.85
15:45 15/11/24
Oil & Gas Producers
8,043.72
15:45 15/11/24
Royal Dutch Shell A
€22.80
07:57 01/02/22
Shell 'B'
1,894.60p
17:05 28/01/22
Support Services
10,885.48
15:45 15/11/24
Shell received a €464m (£332m) binding offer from DCC and is discussing the bid with staff at Butagaz and Shell France.
"The transaction is consistent with Shell's strategy to concentrate its downstream footprint on a smaller number of assets and markets where it can be most competitive, and is part of an ongoing exit from the LPG business globally," Shell said.
DCC said the proposed deal would make it Europe's third-largest LPG distributor. It would be the group’s largest acquisition and follows the purchase of BP and Statoil’s LPG businesses.
Shell's has been divesting in a number of downstream assets including Norwegian and British retail businesses and refineries in Britain, Germany, France, Norway and the Czech Republic.