Shell fights to win approval for sale of Nigerian onshore business

Quick Summary:

Energy major and prospective buyer in lobbying drive to overcome regulator’s objections to $1.

Some officials of NUPRC and NNPC have argued that the wholesale acquisition of SPDC would give Renaissance too much control and are pushing for the company’s assets to be broken down into smaller entities for other local companies to purchase.

Renaissance casts such proposals as an attempt by politically connected interests to take a slice of an important company, according to people familiar with the consortium.

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Article Details

Author / Journalist: Aanu Adeoye

Category: MarketsFinanceInvesting

Markets: United StatesChinaNigerNigeriaSwitzerland

Topics: Assets Shell Onshore Renaissance Regulator Energy People Nigerian Sale Financial Company

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-03 @ 11:00:01 (2 days ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 714 words

Reading Time: 4 minutes read

Sentences: 24 lines

Sentence Length: 30 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 23378151

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About Financial Times

Main Topics: MarketsFinanceInvesting

Official Website: ft.com

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Year Established: 1888

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