Published: Tuesday, April 03, 2007
CALGARY – After acquiring nearly 99 per cent of Shell Canada Ltd. shares, Royal Dutch Shell PLC is moving to buy out the rest and take its Canadian subsidiary private.
The Anglo-Dutch energy giant said yesterday it will use compulsory acquisition provisions under Canadian business laws to buy remaining stock for $45 a share.
The $8.7-billion deal, expected to close by the end of June, ends a lengthy bid by Royal Dutch, which first offered $40 a share in October and failed to win over shareholders.
Sweetened to $45 a share in January, the bid was accepted by more than half of the minority, which boosted the parent company’s stake to nearly 90 per cent from the 78 per cent of shares it already owned in Shell Canada.
Calgary-headquartered Shell Canada employs about 4,800 people across the country, but does not expect any major cuts to staffing levels, a spokeswoman said.
© The Ottawa Citizen 2007
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