Shell to sell Canadian oil-sands business

|By:, SA News Editor

As part of a plan to reshape its business, Royal Dutch Shell (RDS.A, RDS.B) is selling its oil sands interests in Canada in a two-part deal worth $7.25B.

It will offload stakes and reduce its share in the Athabasca Oil Sands Project for $8.5B in shares and cash, while jointly purchasing Marathon Oil Canada Corporation (NYSE:MRO) with Canadian Natural Resources (NYSE:CNQ) for $1.25B.