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Reuters: Shell wraps up buy of Canadian unit, delists stock

Thu Apr 26, 2007 12:35 PM EDT
 
CALGARY, Alberta (Reuters) – Royal Dutch Shell Plc (RDSa.L: Quote) wrapped up its C$8.7 billion ($7.8 billion) acquisition of the minority stake in Shell Canada Ltd. (SHC.TO: Quote) on Thursday and delisted the shares from the Toronto Stock Exchange.

Shell said it now owns all of Shell Canada after a compulsory acquisition, allowed under Canadian law, of the remaining shares that did not tender to the C$45 a share offer.

The Anglo-Dutch oil major now has exclusive control of Shell Canada’s operations, including three refineries, a nationwide chain of gas stations, conventional oil and gas production, and the company’s controlling stake in the Athabasca oil sands project.

Shell said earlier this month it would take the legal steps to acquire all of Shell Canada’s shares after 94.5 percent of the publicly traded shares were submitted to its bid.

Shell Canada stock was delisted at the end of trading on Wednesday.

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