Shell Sells N.Z. Fuel Retailing for $492 Million
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Royal Dutch Shell Plc agreed to sell its New Zealand fuel-retailing assets to Infratil Ltd. and the New Zealand government pension fund for NZ$696.5 million ($492 million) to focus on oil and gas production.
The purchase, conditional on funding and regulatory approval, will be paid for with NZ$420 million of equity and a NZ$600 million banking facility, Wellington-based Infratil said in a statement to the New Zealand stock exchange. The parties have been in exclusive talks since November.