UPDATE: Infratil, Shell New Zealand, New Zealand Superannuation Sign Letter Of Intent
21 Dezember 2009 - 12:59AM
Dow Jones News
Utilities and airport investor Infratil Ltd. (IFT.NZ) and the
New Zealand Superannuation Fund said Monday they have signed a
letter of intent with Shell New Zealand, a unit of Royal Dutch
Shell PLC (RDSA), regarding the potential acquisition of its
downstream assets.
In a statement, the two said the letter of intent is not an
acquisition contract.
"However it does represent Infratil and the Guardians' (of New
Zealand Superannuation) clear intention to proceed to acquire
Shell's New Zealand downstream assets if relevant pre-requisites
are met including the securing of third-party approvals," it
said.
Late Friday Infratil said the "process is significantly advanced
and is expected to complete early in 2010."
Infratil said previously the scope of the proposed transaction
includes, but is not limited to, a 17.1% stake in New Zealand
Refining Co. (NZR.NZ), Shell New Zealand's supply-and-distribution
infrastructure and its retail and business-to-business fuel
operations.
Shell New Zealand's downstream assets include 230 fuel stations,
a marine business, commercial fuel and aviation operations, the New
Zealand Refining Co. stake and a 25% stake in Loyalty NZ.
Its distribution network, part of the downstream businesses,
includes terminal facilities throughout New Zealand.
-By Rebecca Howard, Dow Jones Newswires; 64-4-471-5990;
rebecca.howard@dowjones.com
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