New Zealand Infratil, Shell New Zealand, New Zealand Superannuation Sign Letter Of Intent
21 December 2009 - 10:13AM
Dow Jones News
Utilities and airport investor Infratil Ltd. (IFT.NZ) and the
New Zealand Super Annuation Fund said Monday they have signed a
letter of intent with Shell New Zealand, a unit of Royal Dutch
Shell PLC (RDSA), regarding the potential acquisition of its
downstream assets.
In a statement the two said the letter of intent is not an
acquisition contract.
"However it does represent Infratil and the Guardians' (of New
Zealand Superannuation) clear intention to proceed to acquire
Shell's New Zealand downstream assets if relevant pre-requisites
are met including the securing of third-party approvals," it
said.
Late Friday Infratil said the "process is significantly advanced
and is expected to complete early in 2010."
-By Rebecca Howard, Dow Jones Newswires; 64-4-471-5990;
rebecca.howard@dowjones.com
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