TPG eyes Shell assets in Australia -report
Royal Dutch Shell is nearing the conclusion of a $3-billion sale of its petrol retail and refining assets in Australia, based on a report by The Australian Financial Review (AFR). The paper also said three parties are vying for the assets, wrote Business Spectator.
The paper suggests that private equity group TPG is competing with an Asian energy firm and another group that includes Macquarie Group, the report detailed.
AFR said the retail assets are considered the major takeaway with Shell's Geelong refinery encountering significant challenges, the report added.
BP and Chevron, which currently holds a 50% stake in Caltex Australia, have also been rumored to be considering the sales of their petrol retail assets in the country, Business Spectator reported.
Credit Suisse analyst Mark Samter told the newspaper: "There's a serious appetite for these types of assets, they are very high quality, defensive, pretty high visibility. It's a competitive market but it's a rational market."