Canadian Natural to sell royalty assets to PrairieSky for C$1.8 bln

Mon Nov 9, 2015 5:12am EST
 
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Nov 9 (Reuters) - Canadian Natural Resources Ltd said it will sell a part of its royalty assets to PrairieSky Royalty Ltd in a cash-and-stock deal worth C$1.8 billion ($1.4 billion), as the oil producer sheds assets to weather a slump in crude prices.

PrairieSky will pay C$680 million in cash and about 44.4 million in stock valued at C$25.20 per share, Canadian Natural Resources said in a statement on Monday. ($1 = C$1.33) (Reporting by Amrutha Gayathri in Bengaluru; Editing by Savio D'Souza)