LONDON (10 December 2010) — McDermott Will & Emery's London office advised Shell International Limited (Shell) on the disposal of its refining and marketing businesses in Sweden and Finland to St1 Group, a privately owned energy group.
The deal, which forms part of Shell's on-going strategy to dispose of non-core activities, includes an 87,000-barrels-per-day refinery in Gothenburg, Sweden, more than 550 service stations in Sweden and Finland, Shell's commercial road transport and bulk fuels businesses in both markets and Shell's marine business in Sweden. The divested retail network and the commercial road transport business will remain Shell-branded in both markets under a licensing agreement.
McDermott Will & Emery's team was led by London corporate partner Mats Sacklén together with finance partner Andrew Watson and included associates Victoria MacLeod, Charlotte Doerr, Alistair Dunstan and Adam Topping and trainee Anna White. Shell's legal team was led by Susannah Uglow and Michael Ashworth.
McDermott Will & Emery partner, Mats Sacklén comments: "We are delighted to have acted for Shell on this important transaction. The transaction is reflective of a recent trend in the energy sector brought about by the worldwide economic downturn and growth in new refining capacity. In this challenging environment of over-capacity and depressed refining margins, many major global players are reviewing their portfolios and disposing of non-core activities that do not satisfy internal criteria for profitability and growth potential."
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