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Shell to Exit Canadian Natural Resources for $3.3 Billion

  • Company offers Canadian Natural shares 2.9% below Monday close
  • Shell has completed $26 billion of its asset sale program
Views Of Fort McMurray As Canadian Stocks Rise A 2nd Day After Oil Climbed
Photographer: Ben Nelms/Bloomberg
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Royal Dutch Shell Plc has agreed to sell out of oil-sands producer Canadian Natural Resources Ltd.

The Anglo-Dutch company’s Shell Gas BV unit will divest all its shares in Canadian Natural for total pretax proceeds of $3.3 billion, The Hague-based Shell said Monday. The sale serves the dual purpose of shedding one of its dirtiest assets, while reducing debt accumulated after the $50 billion purchase of BG Group Plc.