The future of Shell New Zealand's 37% stake in roading contractor Fulton Hogan should be known within the next few weeks.
Fulton Hogan managing director David Faulkner said yesterday that the parties were close to evaluating options for Shell's shareholding, which it has owned for 28 years.
Mr Faulkner said a decision should be made on the future of Shell's shareholding within the next few weeks.
"We're getting close."
A Shell spokeswoman said the company was constantly reviewing its shareholding in Fulton Hogan, which was outside a wider strategic review of ownership of its downstream New Zealand businesses.
Fulton Hogan is predominantly owned by interests associated with the founding families and there has been speculation existing shareholders would buy Shell's stake should it be sold.
Earlier this year, Fulton Hogan bought a 50% stake in Melbourne roading company Pioneer Road Services, a wholly-owned subsidiary of Shell Australia and Hanson Group.
Fulton Hogan bought Hanson's stake from its parent, the international cement company Heidelberg.
At the time, Mr Faulkner said Shell was considering the future of its share in Pioneer Road Services.
A sale to Fulton Hogan is a logical step for Shell should it decide to exit its shareholding.
