Directors of infrastructure company Fulton Hogan are yet to decide if they will buy back Shell's shareholding in its New Zealand and Australian businesses.
Shell New Zealand owns 36.6% of Fulton Hogan in New Zealand and 50% of Pioneer Road Services in Australia, of which Fulton Hogan bought the balance from Hanson Group earlier this year.
Fulton Hogan managing director David Faulkner yesterday said that the board still had to consider its move, with a decision unlikely for a couple of months.
He said legally he could not comment further.
Shell has owned its Fulton Hogan stake for 28 years.
Interest in the future of Shell in New Zealand was heightened this week with news a consortium of the New Zealand Superannuation Fund and infrastructure investor Infratil has entered into exclusive negotiations over the possibility of buying Shell's refining, distribution and retailing businesses.
Infratil chief executive Marko Bogoievski was reported as saying the consortium had submitted a non-binding conditional proposal to Shell, and entered into the final phase of due diligence.
The proposed transaction would include a 17.1% stake in the New Zealand Refining Company, including access to refinery and pipeline capacity, and ownership-access to a joint national distribution network which includes 13 terminals and shipping infrastructure.
Assets also include 25% ownership of Loyalty New Zealand, or Fly Buys, a sales and distribution network of 229 retail outlets, and 95 truck stops and facilities at Auckland and Christchurch airports.
