Home Investing ‘Negative today, positive going forward’: Canadian Natural tumbles on Shell divestment but...

‘Negative today, positive going forward’: Canadian Natural tumbles on Shell divestment but analysts say ‘buy’

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An aerial view of Canadian Natural Resources Limited (CNRL) oilsands mining operation near Fort McKay, Alberta.Ryan Jackson/Postmedia News files

CALGARY – Royal Dutch Shell Plc’s move to sell its 8 per cent stake in Canadian Natural Resources Ltd. presents a buying opportunity for investors, analysts say.

Shell announced late Monday it would sell its 97.6 million shares in a US$3.3-billion deal underwritten by Goldman Sachs & Co., RBC Capital Markets, Scotiabank and TD Securities.

While the sale had been expected, Shell was the largest shareholder in Canadian Natural and the deal sent shares in the Calgary-based oil major down 4 per cent to $43.62 in mid day trading on the Toronto Stock Exchange – which is roughly in line with the 3 per cent discount Shell accepted for its shares.

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