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Glencore-Macquarie Said to Exit Race for Shell Australia Assets

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February 12, 2014

Screen Shot 2013-12-22 at 19.09.52Macquarie Group Ltd. (MQG) and Glencore Xstrata Plc (GLEN) dropped out of bidding for Royal Dutch Shell Plc (RDSA)’s Australian oil refinery and filling stations, according to four people with knowledge of the matter. The assets Shell is selling include storage terminals, filling stations and an oil refinery in Geelong, south of Melbourne. Shell is stepping up asset sales after new Chief Executive Officer Ben van Beurden promised last month to cut capital spending following the company’s first profit warning in a decade.

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