Infineum, a UK chemicals group owned by Shell and ExxonMobil, is exploring a sale that could value it at about $8bn. The Financial Times reported the plan on Thursday, citing people familiar with the matter. Reuters then carried the report.
How the Infineum sale would work
Infineum is a 50:50 joint venture that makes fuel and lubricant additives. In addition, Bank of America is running the process, according to the report. Moreover, the sale could draw interest from private equity buyers.
However, the process is at an early stage and may not lead to a deal. Shell declined to comment. Meanwhile, ExxonMobil, Infineum and Bank of America did not immediately respond.
Why Shell is selling
For Shell, the move fits a push to refocus on its core oil and gas business. Similarly, other majors are trimming non-core assets while prices are high. Read our report on Chevron’s plan to sell older US Gulf fields.
For a deeper analysis, read: Infineum Sale: Why Shell and ExxonMobil Would Sell a ~$8bn Additives Leader
