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Shell close to selling Infineum for £2bn

Times Online
June 16, 2008

Shell close to selling Infineum for £2bn

Shell close to selling Infineum for £2bn

Shell and ExxonMobil are close to completing a £2 billion sale of their Infineum performance fuel joint venture.

The oil groups are seeking first-round bids for the business through JPMorgan. The sale has attracted interest from the private equity houses Apollo Management, Carlyle Group, Kohlberg Kravis Roberts, Cinven and Vestar.

Infineum is a 50-50 joint venture between Shell and Exxon producing specialist chemicals and additives for fuels used in the engines of cars, lorries and boats. The group, whose customers are oil companies and other lubricant and fuel sellers, had turnover of around $1.5 billion (£780 million) in 2006. It employs 1,600 people worldwide. It is based in Abingdon, Oxfordshire, with regional technology centres in New Jersey, in the United States, as well as production facilities in France, Italy, Germany, Singapore and the Middle East.

Shell and Exxon revealed plans to undertake a strategic review of the business, which was formed in 1999 from the combination of Exxon’s Paramins division and Shell’s additives business, in March.

A spokeswoman for Shell declined comment, while a spokeswoman for Exxon in Houston, Texas, said that no final decision had yet been made on a sale. (Robin Pagnamenta)

http://business.timesonline.co.uk/tol/business/industry_sectors/article4143691.ece

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