Royal Dutch Shell sells all of its 98M shares in Canadian Natural Resources
Royal Dutch Shell is selling its entire stake in Canadian Natural Resources for $3.3 billion US.
The Dutch oil giant says it will use proceeds of the sale of almost 98 million shares — about eight per cent of the company — to pay down debt.
Shell got its stake in CNR last year when it sold its interest in a number of oilsands assets to CNR for $11 billion, who paid for the projects through a combination of cash and stock.
Once the deal closes on Wednesday, Shell’s only ownership stake in Alberta’s oilsands will be a 10 per cent share of the Athabasca Oil Sands Project, the vast majority of which is owned by CNR and Chevron.