Shell to exit European home retail energy businesses By Reuters

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Shell to exit European home retail energy businesses

Published Jun 06, 2023 11:29 Updated Jun 06, 2023 11:47

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Shell to exit European home retail energy businesses

RDSa

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By Ron Bousso

LONDON (Reuters) -Shell 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 (LON:RDSa) 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.

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Jun 06, 2023 12:36

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