LONDON, May 19 (Reuters) - Shell has received a 464million euro ($529 million) binding offer for its Butagazliquefied petroleum gas (LPG) business in France from DCC, marking the next step in the Anglo-Dutch oil major'sdrive to sell downstream assets.
Support services group DCC is now in exclusive talks withShell, which is discussing the offer with staff at Butagaz andShell France, the oil company said.
"The transaction is consistent with Shell's strategy toconcentrate its downstream footprint on a smaller number ofassets and markets where it can be most competitive, and is partof an ongoing exit from the LPG business globally," Shell said.
DCC, which has already purchased BP and Statoil's LPG businesses, said the proposed deal would be itslargest acquisition and would make it Europe's third-largest LPGdistributor.
Shell's downstream divestments have so far included some ofits Norwegian and British retail businesses and refineries inBritain, Germany, France, Norway and the Czech Republic. (Reporting by Karolin Schaps; Editing by David Goodman)
DCC (DCC)
