Letter of intent signed for purchase Shell NZ's operations

Infratil, Shell New Zealand and the Guardians of New Zealand Superannuation have signed a letter of intent relating to the potential acquisition of Shell's petrol and certain other business operations.

A statement from Infratil and the fund today said the letter of intent was not an acquisition contract.

"However it does represent Infratil and 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,''' the statement said.

The letter was signed by Shell's country chairman for New Zealand Rob Jager, Infratil's chairman David Newman and Guardians' chairman David May.

It was announced in early November that a consortium of Infratil and the fund had entered into exclusive negotiations with Shell over refining and downstream businesses.

That announcement said the proposed transaction included a 17.1% stake in the New Zealand Refining Co, Shell New Zealand's supply and distribution infrastructure and its retail and business-to-business fuel business.


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6855 -0.0035 -0.51%
AUD 0.9237 0.0026 0.28%
EUR 0.6025 -0.0013 -0.22%
GBP 0.4733 -0.0020 -0.42%
HKD 5.3226 -0.0246 -0.46%
JPY 73.4590 -0.4730 -0.64%

Commods

Commodity Price Change Time
Gold Index 1277.5 -0.830 2016-05-05T00:
Oil Brent 45.5 0.390 2016-05-05T00:
Oil Nymex 44.9 0.490 2016-05-05T00:
Silver Index 17.3 0.030 2016-05-05T00:

Indices

Symbol Open High Last %
NZX 50 6876.5 6876.5 6876.5 -0.14%
NASDAQ 4742.4 4744.6 4725.6 -0.18%
DAX 9849.7 9921.4 9828.2 0.24%
DJI 17664.5 17736.1 17651.3 0.05%
FTSE 6112.0 6152.6 6112.0 0.09%
HKSE 20357.5 20377.9 20449.8 -0.60%
NI225 16212.7 16271.6 16147.4 -0.42%