May 7, 2018 / 11:58 PM / in 5 months

Shell to sell stake in Canadian Natural for about $3.3 billion

(Reuters) - Royal Dutch Shell Plc’s Shell Gas B.V. (RDSa.L) unit said on Monday it was selling its entire stake in Canadian Natural Resources Ltd (CNQ.TO) for $3.3 billion (2.43 billion pounds).

A passenger plane flies over a Shell logo at a petrol station in west London, in this January 29, 2015 file photo. REUTERS/Toby Melville/Files

Shell signed an underwriting agreement for the sale of its entire stake of 97.6 million shares in Canadian Natural, the company said in a statement.

Last June, Shell had reported a stake of 8 percent in Canadian Natural.

Shell decided to offload the roughly C$4.1 billion (2.35 billion pounds) stake in Canadian Natural Resources that it acquired as part of a deal to retreat from Canada’s oil sands, people familiar with the situation had told Reuters nearly a year ago.

The deal between the two companies was earlier reported by the Globe and Mail.

The underwriting group includes Goldman Sachs & Co, RBC Capital Markets, Scotiabank and TD Securities.

Reporting by Mekhla Raina in Bengaluru; Editing by Chris Reese and Leslie Adler

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