Shell in $3.3 bln sale of Canadian Natural shares

The Hague-based LNG giant Shell reached an agreement with a group of financial institutions to sell its stake in Canadian Natural Resources for $3.3 billion. 

The agreement has been signed with Goldman Sachs & Co, RBC Capital Markets, Scotiabank and TD Securities, for the sale of 97,560,975 shares in Canadian Natural, representing the company’s entire interest in Canadian Natural.

Shell added that the entire proceeds from the sale will contribute to reducing net debt.

The sale is expected to complete on May 9, 2018, Shell’s statement reads.