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Apollo, KKR and Blackstone are reportedly competing to buy part of Shell’s stake in the B.C. natural gas facility, in a deal worth between US$10 billion and US$15 billion. The companies declined to comment to Reuters. (Reuters)
Talking point: The news comes days after Shell announced its $22 billion acquisition bid for Calgary-based ARC Resources to expand its natural gas capabilities in Canada. Shell’s CEO said as recently as this week that it was not necessarily looking to reduce its equity interest in LNG Canada. Still, both deals come amid renewed global interest in the Canadian energy sector. Investment banks have been drawing up lists of potential acquisition targets in Canada, sources told Reuters, as companies like ConocoPhillips and BP look to diversify away from unstable regions in the Middle East. Apollo bought a 40 per cent stake in Pembina Gas from KKR last week.
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