In Brief: Shell saves $600m on gas deal; Fiat shares soar; China slowdown hits oil; IMI shareholders to vote on £600m cash return
Friday 03 January 2014
Shell saves $600m on gas deal with Repsol
Royal Dutch Shell has saved $600m (£362m) on a deal to buy rival Repsol’s liquefied natural gas assets in Trinidad, Peru and Spain. The supermajor had agreed to buy the portfolio for $4.4bn last February, but will now only be spending $3.8bn on Repsol’s LNG work outside of North America.
Fiat shares soar on deal to buy out Chrysler
Shares in Fiat soared 16 per cent after it bought out the 41 per cent of Chrysler it did not already own for $3.65bn (£2.2bn). The loss-making Italian car maker first linked up with Chrysler in 2009 after the US car industry almost collapsed. It is buying the stake from a retiree healthcare trust linked to unions.
China slowdown causes oil price to slump by $2
Benchmark Brent oil prices fell more than $2 to $108.56 in afternoon trade on signs of slowing economic expansion in China, the world’s second largest oil consumer. Libya’s National Oil Corp also said it plans to restart the key El Sharara oilfield within days after reach a deal with strikers.
IMI shareholders to vote on £600m cash return
Shareholders in the fluids group IMI will be asked to vote on a £620m return of cash at the end of this month after it completed the $1.1bn sale of its beverages arm to Berkshire Hathaway. Mark Selway, the chief executive, said shedding the business “provides an excellent platform for future growth”.
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