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Royal Dutch Shell set to bank US$3.3bn from Canadian Natural Resources share sale

Proceeds will be put to reducing debt, the international major oil company said

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Its reported that the shares will be sold at US$34.10 each

Royal Dutch Shell Plc (LON:RDSB) has unveiled a deal to sell its entire stake in Canadian Natural Resources for US$3.3bn.

Shell’s 97.56mln Canadian Natural Resources shares will be sold via an underwriting agreement with a group of brokers including Goldman Sachs & Co, RBC Capital Markets, Scotiabank and TD Securities.

READ: City analysts react to Royal Dutch Shell’s first quarter

The shares are expected to be sold to investors at a price of US$34.10, according to media reports.

Proceeds will be put to reducing debt, the company said. It is expected that the disposal will complete on May 9.

The share sale, which is part of Shell’s broader divestment plan, follows a prior divestment deal which last year saw it give up direct ownership of interests in Canadian oil sands assets in a US$7.25bn transaction.

In early London trading, Shell 'A' shares were 0.1% higher at 2,581.5p supported too by firmer crude prices which reached up to a four-year high.

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