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Shell and ExxonMobil Scrap Plans to Divest Infineum...

12:32 PM MDT | August 4, 2008 | Chemical Week Editorial Staff

Shell and ExxonMobil say they have abandoned plans to divest Infineum International (Milton Hill, U.K.), their 50-50 fuel and lubricant additives joint venture. Shell and ExxonMobil announced last March that they were considering options for Infineum, including a divestment, confirming an earlier CW report (CW, Oct. 31, 2007, p. 13). The companies hired J.P. Morgan to invite bids for the jv, but the bids received were much lower than expected and the bidders failed to secure firm financing, sources say. Shell and ExxonMobil had been seeking offers of £1.5...

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