Shell has officially announced that it has received a- binding offer of €464m million ($529 million) from DCC Energy for its Butagaz Liquefied Petroleum Gas (LPG) business in France.
DCC Energy has been granted exclusivity while Shell consults with the staff councils of both Butagaz and Shell France. The transaction is also subject to obtaining regulatory approvals following these consultations. It is expected to complete in 2015.
All other Shell Businesses in France – Aviation, Commercial Fleet, Lubricants, Retail and Specialties – will continue to operate as before.
The transaction is consistent with Shell’s strategy to concentrate its Downstream footprint on a smaller number of assets and markets where it can be most competitive, and is part of an on-going exit from the LPG business globally.