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By: Zacks Equity Research
Per Reuters , integrated oil and gas company , Royal Dutch Shell plc is close to selling its gas station network in Argentina to Raizen Energia SA, an independently operated six-year old joint venture ("JV") between Shell and Cosan SA. The value of the deal is expected to be more than $1 billion.
The non-binding bid from Raizen surpassed offers from competing companies like YPF Sociedad Anonima, Quinenco SA and PetroChina Company Ltd.
Apart from the fact that Shell is Raizen's parent company, the latter controls the second largest chain of gasoline stations in Brazil, neighbor country of Argentina. Raizen was formed in 2011 and controls over 6,000 Shell-branded gas stations in Brazil. The JV is also in charge of distribution of approximately 25 billion liters of fuel in this Latin American country.
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