ADNOC Distribution has agreed to sell a minority stake in Shell (SHEL) Downstream South Africa to South Africa's Reatile Group after it acquires the company, the state-backed United Arab Emirates energy company said in a regulatory filing Thursday.
Financial terms of the arrangement were not disclosed.
The deal with Reatile, an investment holding company focused on energy, affirmed ADNOC's commitment to South Africa's black economic empowerment policies and brings a measure of local participation in the acquisition.
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