Shell to sell Montell stake to Phillips and Mitsubishi

Shell is said to be in detailed talks to sell part of its Montell plastics business to Phillips Petroleum chemicals arm and Mitsubishi Chemical.
The talks between the respective parties could reach a possible conclusion by the middle of February, industry sources said.
Shell said it is looking to reduce its interest in the Shell-owned polypropylene company Montell by 50 % and that it hopes to get around $ 2 bn from the sale.

A spokeswoman for Shell said that she was not aware that the company was in specific talks with Phillips Chemical or Mitsubishi Chemical, but said such information would probably not be disclosed anyway.
"The information hasn't come from us," she told. "Clearly we're looking for a partner for Montell, but I can't give any indication about what stage we are at."
A stake in Montell could give Phillips, a medium-sized player in polypropylene, an important foothold in Europe.
Meanwhile, Mitsubishi, whose polypropylene production is currently operated under a joint venture with Japan Polychem, could gain access to the U.S..
Montell has an capacity of over 3 mm tpy of polypropylene and has production facilities throughout Europe and the Americas.