EU Nod for Shell Sale
Friday 16 June 2017
Shell has cleared a major hurdle towards completion of the sale of a package of UK North assets to Chrysaor after gaining approval for the deal from the European Union.
The Anglo-Dutch supermajor struck the $3.8 billion deal in January to sell the assets including stakes in Beryl, Bressay, Buzzard, Elgin-Franklin, Erskine, Everest, the Greater Armada cluster, J Block, Lomond, plus a 10% stake in Schiehallion.
A Shell spokesman said the European Commission had now given its approval for the transaction under EU merger rules.
"The deal remains subject to partner approvals, with completion still expected in the second half of 2017,” he said