Shell and Bechtel complete sale of InterGen
Posted: 08 August 2005
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Shell and Bechtel complete sale of InterGen with divestment proceeds to Shell exceeding $1 billion, which contributes to Shell's $12-$15 billion divestment programme for the period 2004-2006.
Shell Generating (Holding) B.V. a subsidiary of Royal Dutch Shell plc ("Shell"), together with Bechtel Enterprises Energy B.V., yesterday completed the previously announced sale of InterGen NV to a partnership between AIG Highstar Capital II L.P. and Ontario Teachers' Pension Plan for $1.75 billion. This follows finalisation of necessary regulatory approvals and other conditions.
In addition and separate to this transaction, Shell had previously advised that InterGen's assets in the United States , Colombia , and Turkey would be retained pending further review. Within the past week, an agreement has been reached to divest the US assets. Agreement has also been reached to sell the remaining interests in the Turkey assets, and progress has been made in restructuring the power project in Colombia . These transactions, all of which are subject to obtaining necessary consents, should result in Shell's exit from InterGen activities by year end 2005, and mark a significant step in Shell's portfolio restructuring activities.
Posted by Editor Pipeline Magazine
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