how much does shell own of aoe, page-8

Buddy,

Shell had an announced agreement with AOE to buy 30% of specific assets for specific sums. Clearly that deal does not include further assets AOE might buy, eg PES.

My guess, and that of some market commentators is that a further sale deal would be done with Shell if and when the PES deal is completed. There may already be as yet unannounced agreements to that effect.

Shell owns approx 11% of PES, and has no declared holding of AOE (ie < 5%).

EL