NETHERLANDS - Shell auction pulled over price issues

Royal Dutch Shell has decided to retain its liquified petroleum gas businesses after an auction failed to attract adequate bids. The auction, which lasted nearly 18 months, saw several industry and private equity players express an interest, including Cinven, CVC Capital Partners, Blackstone Group, Eurazeo, PAI Partners, Bain Capital, BC Partners, KKR, 3i and Goldman Sachs Capital Partners. Commenting on the decision, Ron Blakely, executive vice-president for finance with Shell Downstream, was quoted as saying that it has been concluded that there is better value for Shell shareholders in retaining these profitable businesses.