Shell North Sea sale said to draw Ineos, Siccar Point bids
ByReporter
Royal Dutch Shell Plc has invited binding bids from parties including Ineos AG and Blackstone Group LP-backed Siccar Point Energy for the sale of some of its U.K. North Sea assets worth about $2 billion, according to people familiar with the matter.
North Sea-focused energy explorer Chrysaor Holdings Ltd. teamed up with US private equity firm EIG Global Energy Partners to submit a second-round bid before the Wednesday deadline, the people said, asking not to be identified as the information is private. No final agreements have been reached, they said.
The sale is a key part of Shell’s plans to divest about $30 billion in assets to help offset the $54 billion acquisition of BG Group this year, which increased debt and lowered its credit rating.
