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Convenience Store News: Shell Canada Denies $7 Billion Takeover Rumors

CALGARY, Canada — Shell Canada Ltd. said it was unaware of any takeover plans by parent company Royal Dutch Shell plc as the oil and natural gas producer’s shares fell more than 3 percent on Tuesday, reported.
Calgary-based Shell lost $1.55 to $40.50 in trading of more than 860,000 shares on the Toronto stock market, even as the exchange's energy sub-index rose more than 2.5 percent due to rising oil prices, according to the report.
Still, Tuesday’s losses did not totally erase the 9.5 percent gain made last Friday when Shell's shares hit an all-time high of $42.35 in intraday trading before closing at $42.05 as a rumor swirled that Royal Dutch Shell, based in The Hague, intended to buy out the remaining 22 percent of the Canadian subsidiary that it doesn't own, reported
Acting on a request by the stock exchange yesterday to respond to the $7-billion acquisition rumors, Shell said in the report it was “not aware of any intention by Royal Dutch Shell plc to make such an offer.”
The company refused to discuss the matter further, according to the report.
Shell is a major natural gas producer and refiner in Canada with a national chain of service stations, but its prized asset is a 60 percent operating stake in the Athabasca Oil Sands Project, Canada's third major open-pit mining project in the northern Alberta oilsands.

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