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 [e-mail]

(END) Dow Jones Newswires

05-24-24 0935ET