Canadian Natural Resources (TSX: CNQ) will spend a total of C $ 12.74 billion in cash and equities to acquire most of the Royal Dutch Shell oil sands operations and half of Marathon Oil’s minority interest in the project. Oil sands in Athabasca, Alberta.
As part of the spectacular deal announced on Thursday, Shell will earn 97.6 million shares of Canadian Natural Resources and $ 8.5 billion in cash from the Calgary-based company for a total of approximately $ 11.1 billion CAN.
Separately, Canadian Natural Resources and Shell are joining forces to purchase Marathon Oil’s 20 per cent stake in the Athabasca project for a total of US $ 2.5 billion in cash.
Canadian Natural Resources will inherit approximately 3,100 Shell and Marathon employees.
Shell said it will receive a net sum of US $ 7.25 billion from Canadian Natural Resources after disbursing US $ 1.25 billion to acquire its share of Marathon Oil Canada, which owns 20 percent Of Marathon Oil in the Athabasca project.
These transactions should be completed by the middle of the year after the usual authorizations have been obtained.