May 8, 2018 / 12:14 PM / in 3 months

BUZZ-Canadian Natural Resources shares slip as Shell sheds $3.3 bln stake

** U.S.-listed shares of Canadian Natural Resources Ltd down ~4 pct at $33.65 premarket as Royal Dutch Shell divests its 8-pct stake

** CNQ one of the most active NYSE stocks premarket

** Underwriters Goldman Sachs, RBC, Scotiabank and TD Securities bought 97.6 mln shares from Shell and looking to offload them at $34.10, a 2.9 pct discount to stock’s $35.11 last sale on Mon, sources say

** Transaction represents about 2 mths of trading volume

** Shell says to use pre-tax proceeds of approx $3.3 bln from the sale to reduce debt

** Shell received the 97.6 mln shares, worth ~$3 bln (C$4.1 bln) at the time, as partial consideration for its retreat from Canada’s oil sands in Mar 2017

** U.S-listed CNQ shares and Toronto-listed shares have gained ~12 pct this qtr as WTI crude prices have surged above $70

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