Shell divests Sinopec stake

The second of three oil majors holding strategic stakes in Sinopec decides to cash out.

Royal Dutch Shell sold a 2.2% stake in Sinopec yesterday Wednesday, raising $742 million from a 1.85 billion share sale. Pricing at HK$3.125 per share came towards the tighter end of a HK$3.088 to HK3.153 range and represented a 3.85% discount to the stock's spot close of HK$3.25.

The Goldman Sachs led offering follows a similar deal by BP in mid February, which raised $739 million via the sale of a 2.1% stake at HK$3.15 per share. Both companies purchased their stakes at the time of Sinopec's IPO in the autumn of 2000 and both have made nearly 200% on their investments.

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