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Shell Sells Distrigas, Fluxys Stake

THE WALL STREET JOURNAL: Shell Sells Distrigas, Fluxys Stake

“Shell Transport reported Tuesday that Belgian Shell has agreed to the sale of its 16.67% interest in each Distrigas SA, the Belgian gas wholesale company, and Fluxys SA, the Belgian gas transmission company…”

DOW JONES NEWSWIRES

Posted 8 Sept 04

Edited Press Release

LONDON (Dow Jones)–Shell Transport reported Tuesday that Belgian Shell has agreed to the sale of its 16.67% interest in each Distrigas SA, the Belgian gas wholesale company, and Fluxys SA, the Belgian gas transmission company to Suez-Tractebel, the utility group. The prices agreed for the transaction are EUR1,648/share for the shares held in Distrigas and EUR1,600/share for the shares held in Fluxys, in line with share price levels in the recent past. The overall value of the transaction amounts to EUR380.4 million.

Pre-emption rights of eligible co-shareholders need to be observed before the agreement can be effected.

The agreement is the result of commercial discussions that had been initiated several months ago. It is in line with Shell’s portfolio management strategy to maximize shareholder value.

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