Market Chatter: Shell Close to Deal to Sell South Africa Fuel Outlets to Abu Dhabi National Oil's Retail Arm for $1 Billion
MT Newswires Live18:59
Shell (SHEL) is close to a deal to sell over 600 retail fuel outlets in South Africa to Abu Dhabi National Oil's retail arm for a deal valued at around $1 billion, Bloomberg reported Tuesday, citing people familiar with the matter.
The deal would give Adnoc Distribution control of 10% of South Africa's market, the report said.
The sale would help Shell's plan of shedding non-core holdings, the report said.
No final agreement has been reached, the report said.
Shell and Adnoc Distribution did not immediately reply to MT Newswires' request for comment.
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