ChannelNewsAsia.com: Shell to sell stakes in Belgian gas firms to France's Suez: “(460 million dollars).”: "The agreement is the result of commercial discussions that had been initiated several months ago," Shell said in a statement to the London Stock Exchange after the close of trading. (ShellNews.net)

Posted: 08 September 2004 0209 hrs

LONDON : British oil giant Shell announced that its Belgian arm had agreed to sell its stakes in two Belgian gas companies to utility group Suez-Tractebel in deals worth a total of around 380.4 million euros (460 million dollars).

Belgian Shell has agreed to sell each of its 16.67-percent stakes in Distrigas, the Belgian gas wholesale company, and Fluxys, the Belgian gas transmission company, to Suez-Tractebel, the Belgian arm of Suez, Shell said.

Suez-Tractebel will pay 1,648 euros per share for Shell's stake in Distrigas and 1,600 euros per share for Shell's interest in Fluxys.

"The agreement is the result of commercial discussions that had been initiated several months ago," Shell said in a statement to the London Stock Exchange after the close of trading.

"It is in line with Shell's portfolio management strategy to maximize shareholder value," it added.

http://www.channelnewsasia.com/stories/afp_world_business/view/105460/1/.html