February 6, 2017 / 12:21 PM / 8 months ago

Shell looking to sell stake in Danish venture -banking sources

LONDON, Feb 6 (Reuters) - Royal Dutch Shell is seeking to sell its stake in the Danish Underground Consortium (DUC), an offshore oil and gas joint venture, in what would mark the company’s effective exit from Denmark, three banking sources said.

The stake is valued at up to $1 billion, according to two sources.

Bank of America Merrill Lynch (BAML) is running the sale process, the sources said.

Shell owns a 36.8 percent stake in DUC alongside operator A.P. Moller-Maersk, which has 31.2 percent, Chevron which holds 12 percent, and Danish state-run Nordsøfonden which has a 20 percent stake.

Shell declined to comment. BAML was not available for immediate comment.

Editing by Jason Neely

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