EXTRACT: Sakhalin II: Credit Suisse analysts cut their price target on Shell’s London-listed stock, saying the deal is not financially favorable to the company.
Fri Dec 22, 2006 3:11pm ET
NEW YORK, Dec 22 (Reuters) – Overseas shares traded in the United States fell broadly on Friday, led by declines in shares of oil giant Royal Dutch Shell (RDSa.N: Quote, Profile , Research) and embattled German industrial icon Siemens (SI.N: Quote, Profile , Research).
The Bank of New York’s index of leading ADRs < .BKADR> was down 0.5 percent, while the 30-share Dow Jones industrial average < .DJI> was off 0.5 percent at 12,359.16.
Russian gas monopoly Gazprom (GAZP.MM: Quote, Profile , Research) reached a $7.45 billion cash deal to buy 50 percent plus one share of Sakhalin-2, the world’s largest liquefied natural gas (LNG) project, from Anglo-Dutch oil group Royal Dutch Shell and the two Japanese partners. But Credit Suisse analysts cut their price target on Shell’s London-listed stock, saying the deal is not financially favorable to the company.
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