Shell Says Its South African Downstream Assets Being Eyed for Bids by Several Parties
By Christian Moess Laursen
Shell's downstream assets in South African are being eyed for bids by several parties, the British energy major said Friday, without naming the suitors.
"We have been approached by several highly credible parties, which cannot be disclosed at this stage," a Shell spokesperson said.
A flurry of large-name energy companies are exploring bids for Shell's South African downstream assets, a report by Bloomberg said earlier Friday, citing unnamed sources.
United Arab Emirates state-owned Adnoc, Saudi Arabia's Aramco, South African Sasol, and commodity trading giants Trafigura and Glencore were all said to mull approaches, according to the report.
The business could be valued at more than $800 million, the report said, citing the sources.
A Sasol spokesperson said the company doesn't comment on confidential subjects regarding mergers and acquisitions or commercial matters, adding it doesn't respond to market speculation.
Glencore doesn't comment on market rumor or speculation, a spokesperson said.
Adnoc, Saudi Aramco and Trafigura didn't immediately respond on a request for comment by Dow Jones Newswires.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
May 24, 2024 09:35 ET (13:35 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations