Market Flux Event
Shell and ExxonMobil Explore $8 Billion Sale of Jointly Owned UK Chemicals Unit Infineum
Read this in the Market Flux appShell and ExxonMobil are exploring a sale of Infineum, their jointly owned UK-based specialty chemicals unit, at a valuation of around $8 billion, according to the Financial Times. The business has tapped Bank of America as adviser to run the sale process, which was expected to launch within days of the October 22 report.
The move is consistent with Shell's broader strategy of exiting non-core businesses to concentrate on oil and gas operations. Infineum, which produces fuel and lubricant additives, represents one of the larger chemical asset disposals Shell has pursued in recent years.
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Sources
- Financial TimesShell and Exxon’s $8bn UK chemicals unit put up for sale
- LiveSquawkShell And Exxon’s $8 Bln UK Chemicals Unit Put Up For Sale – @FT
- FirstSquawkSHELL, EXXON-OWNED INFINEUM EXPLORES SALE AT $8B VALUATION: FT
- RedboxWireSHELL, EXXON-OWNED INFINEUM EXPLORES SALE AT $8B VALUATION: FT
- StaunovoShell and Exxon’s $8bn UK chemicals unit put up for sale Infineum taps advisers at Bank of America to run a sale of the business as Shell focuses on core oil and gas operations #oott
- Seeking AlphaShell- and Exxon-backed U.K. chemicals unit exploring $8B sale - FT