FINANCIAL CHRONICLE Mumbai
Labour issues hold up Essars deal with Shell
By Yassir A Pitalwalla Jan 19 2010, Mumbai
Royal Dutch Shell has for the second time extended its exclusive negotiations with Essar Energy Holdings on the sale of three of its European refineries. The two sides still have to settle issues relating to personnel, pensions and health, and safety and environment liabilities.
The exclusive talk period was first extended in November and is believed to have ended in December.
David Williams, spokesperson for Royal Dutch Shell, confirmed to Financial Chronicle that the exclusive negotiations were still on but declined to give details. An Essar spokesperson gave the same response.
An industry official said Ruia family members and senior executives, including Essar Oils managing director Naresh Nayyar, are negotiating with Royal Dutch Shell. He said some issues had already been settled. But pensions, human resource deployment and contracts and potential liabilities with respect to health safety and environment are still unresolved issues. read more
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