By Lynn Thomasson and John Kipphoff
Shell Canada Ltd. (SHC CN): Royal Dutch Shell Plc said it acquired through a tender more than half the shares of Shell Canada that it didn’t already hold, giving it enough to proceed with its plan to take full ownership of the affiliate. Royal Dutch Shell, Europe’s biggest oil company, already owned about 78 percent of Shell Canada stock. With the tendered shares, that rises to 89.6 percent.
Royal Dutch Shell said in a statement on March 17 that the purchase meets a requirement that 50 percent must be tendered before it can extend the offer for the rest of the shares until March 30. Under Canadian law, once a buyer in a tender acquires at least 90 percent of all outstanding shares, any holdouts must agree to tender their shares. Shell Canada shares added 8 cents, or 0.2 percent, to C$44.68.
To contact the reporter on this story: John Kipphoff in Toronto at [email protected] ; Lynn Thomasson in New York at [email protected] .
Last Updated: March 19, 2007 08:11 EDT
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