Shell to divest its 25% equity in Rohöl-Aufsuchungs AG (RAG)
Shell Petroleum N.V and Shell Petroleum Company (‘Shell’) have today signed a Share Purchase Agreement with EESU Holding GmbH, a company wholly owned by EVN AG, E.ON Ruhrgas E&P GmbH, Salzburg AG and Steirische Gas-Wärme GmbH, for the sale of EP Holding GmBH (EPH), its sole asset being Shell’s 25% equity holding in RAG.
The deal is subject to merger control clearance and is expected to complete in late 2007 or early 2008, following appropriate regulatory approvals.
This divestment is part of the active management of Shell’s upstream portfolio-based strategy. We are committed to focussing on where we can best use our people and capital for competitive long-term returns and on a global basis.
Friedrich Schalk, chairman of Shell in Austria, commented on the deal: “With EESU Holding GmbH we have found a reliable and strong acquirer with huge knowledge of the Central European gas markets. Shell of course retains a significant presence in Austria, with over 300 petrol service stations, lubricants production facilities, and marketing of oil products.”
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