Reatile to become ADNOC’s BBBEE partner following its takeover of Shell Downstream SA

South African diversified investment holding company Reatile Group and ADNOC Distribution, part of Abu Dhabi’s State-owned energy group ADNOC, have announced that they have agreed to a long-term strategic relationship with a definitive agreement by which Reatile would acquire a minority shareholding in Shell Downstream South Africa (SDSA). This agreement would come into force once ADNOC Distribution had completed its acquisition of SDSA from Shell South Africa Holdings. ADNOC’s 100% acquisition of SDSA, announced in July, was valued at some $1-billion, before adjustments for net debt and working capital. The deal was subject to regulatory approvals and the meeting of the conditions precedent and the closing conditions. All being well, the deal was expected to be concluded next year.

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