Infineum, a UK-based chemicals group backed by Shell, is exploring an $8 billion sale, the Financial Times reported on Thursday, as the energy major tries to refocus on its core oil and gas operations.
The chemicals group, which is owned by Shell and ExxonMobil as a 50:50 joint venture, has tapped advisers at Bank of America to run a sale of the business, the report said, citing people familiar with the matter.
The companies are aiming for a roughly $8 billion valuation from a sale that could attract interest from private equity suitors, the report said, adding that the process remains in the early stages and may not result in a transaction.
Shell declined to comment on the report, while Exxon, Infineum and Bank of America did not immediately respond to requests for comment.
(Reporting by Yamini Kalia in Bengaluru; Editing by Maju Samuel and Devika Syamnath)