Exxon, Shell push back $4B sale of Aera Energy to IKAV

EPA/LARRY W. SMITH

Exxon Mobil Corp and Shell Plc announced on Thursday that the sale of their joint venture Aera Energy had been postponed due to US regulatory approvals for the first quarter of 2023.

Previously, both oil companies had expressed their willingness to sell their stakes to German asset manager IKAV for $4 billion. Shell's Upstream Director Zoe Yujnovich said that that decision was taken to support "a resilient and competitive Upstream portfolio."

On the other side, IKAV's spokesperson Patrick Evans confirmed the news and added IKAV "is attracting strong interest from investors" while "reviewing several additional market opportunities."

Baha Breaking News (BBN) / JG