Shell to sell its shareholding in Showa Shell to Idemitsu
Shell has reached an agreement with Idemitsu for the sale of 125,261,200 shares in Showa Shell Sekiyu KK, representing a 33.24% shareholding in the company, for a total amount of JPY 169 billion (approximately US$1.4 billion). Shell will retain a 1.80% holding in the company.
“The sale is consistent with Shell’s strategy to concentrate its Downstream footprint on a smaller number of assets and markets where it can be most competitive,” said John Abbott, Shell Downstream Director. “Idemitsu is an established and successful company and is well positioned to take up Shell’s shareholding.” ….