London — Shell (SHEL.L) said on Tuesday that it had decided to exit its home retail energy businesses in Britain, Germany and the Netherlands due to their poor returns.
Shell launched a strategic review of its European retail businesses in January, citing “tough market conditions”, shortly after CEO Wael Sawan took office.
“That review has now concluded and as a consequence, we intend to exit those businesses. A sales process is already underway, with the intent to reach an agreement with a potential buyer in the coming months,” Shell said in a statement.
Reuters reported last month that three of Britain’s largest power providers had expressed interest in acquiring Shell’s UK retail business.
*Ron Bousso; editing: Louise Heavens & Jason Neely – Reuters
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