BHP Billiton: progress in sale of oil assets
(CercleFinance.com) - According to Sky News, there is progress in the sale of BHP Billiton's North American shale oil assets.
The British media group understands that the oil and gas giant Shell, alongside the private equity fund Blackstone, is plotting a joint takeover bid which values these assets at ten billion dollars (about 7.4 billion pounds, or 8.4 billion euros). Other candidates also appear to be interested as well.
Remember that the Australian-British mining giant had not really bought these assets, which are peripheral to its core business, at the best time, spending nearly 20 billion dollars on the acquisition, Sky says. Since the summer, activist investment funds, such as Elliott Advisors, have been lobbying management to sell them.
In addition to the Shell/Blackstone tandem, Sky News understands that BHP Billiton expects to receive several other "serious proposals" for the assets. If the sale were not to be finalised as it sees fit, BHP Billiton plans to separately list these oil assets, the news channel finally points out.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The British media group understands that the oil and gas giant Shell, alongside the private equity fund Blackstone, is plotting a joint takeover bid which values these assets at ten billion dollars (about 7.4 billion pounds, or 8.4 billion euros). Other candidates also appear to be interested as well.
Remember that the Australian-British mining giant had not really bought these assets, which are peripheral to its core business, at the best time, spending nearly 20 billion dollars on the acquisition, Sky says. Since the summer, activist investment funds, such as Elliott Advisors, have been lobbying management to sell them.
In addition to the Shell/Blackstone tandem, Sky News understands that BHP Billiton expects to receive several other "serious proposals" for the assets. If the sale were not to be finalised as it sees fit, BHP Billiton plans to separately list these oil assets, the news channel finally points out.
Copyright (c) 2018 CercleFinance.com. All rights reserved.