Newspaper article The Canadian Press

Royal Dutch Shell to Sell Its Stake in Canadian Natural Resources

Newspaper article The Canadian Press

Royal Dutch Shell to Sell Its Stake in Canadian Natural Resources

Article excerpt

Shell selling stake in Canadian Natural

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TORONTO - Royal Dutch Shell is selling its stake in Canadian Natural Resources Ltd. for about $4.3 billion.

The sale of more than 97 million shares represents Shell's entire interest in Canadian Natural, a roughly eight per cent stake in the company.

Shell said in a statement Monday night that proceeds from the sale will contribute to reducing net debt.

The sale, which is being underwritten by Goldman Sachs, RBC Capital Markets, Scotiabank and TD Securities, is expected to complete on Wednesday.

The energy sector on the Toronto Stock Exchange has gained strength in recent weeks as the price of oil has also climbed.

Canadian Natural shares were down $1.45 at $43.85 in late-morning trading on the Toronto Stock Exchange on Tuesday.

Shell acquired the shares last year when it sold most of its Alberta oilsands assets to Canadian Natural for $11. …

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