Yahoo! Business News: Shell declines comment on Williams bid talk: “Dealers said the rumours are credible and sensible for Shell which has been hard pressed to boost oil and gas reserves following a series of reserves downgrades last year.” (ShellNews.net) 28 Jan 05
LONDON (AFX) - The Royal Dutch/Shell Group (LSE: SHEL.L - news - msgs) has declined to comment on market rumours that it is plotting a bid for US gas rival The Williams Cos Inc.
Williams, one of the largest natural gas firms in the US, currently produces 570 mln cubic feet of gas per day and has access to about 2.7 trln cubic feet of reserves.
It also operates 15,000 miles of gas pipelines, stretching from coast to coast across North America.
Williams, which started as a construction company in 1908, employs about 4,000 staff worldwide.
Dealers said the rumours are credible and sensible for Shell which has been hard pressed to boost oil and gas reserves following a series of reserves downgrades last year.
Four years ago, Williams outbid Shell in the battle to acquire Barrett Resources Corp, another natural gas producer in the US.
Williams paid 2.8 bln usd to buy Barrett, ahead of Shell's offer of 2.3 bln.
At 11.24 am, Shell Transport shares were down 3 at 460-1/2 pence.