Shell, Varo end talks on Germany refinery stake sale
LONDON (Reuters) — Royal Dutch Shell and Varo Energy said they have ended talks on Varo’s potential purchase of Shell’s 37.5% stake in the 220,000 bpd PCK refinery in Schwedt, Germany.
The two companies said last December that they had entered advanced talks on the stake sale, but the negotiations have been “discontinued,” a spokeswoman for Varo told Reuters.
A Shell spokeswoman confirmed on Friday that negotiations on the refinery and its Arhem terminal in the Netherlands “have now concluded and an agreement has not been reached.”
Neither company would say why the talks had ended.
Varo Energy, a joint venture between the world’s biggest oil trader Vitol and private equity firm Carlyle Group, owns a refinery in Cressier in Switzerland and the Bayernoil refinery in Germany.
Reporting by Ron Bousso; editing by Jason Neely and Alexander Smith
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