Shell close to selling Infineum for £2bn

Shell and ExxonMobil are close to completing a £2 billion sale of their Infineum performance fuel joint venture.

The oil groups are seeking first-round bids for the business through JPMorgan. The sale has attracted interest from the private equity houses Apollo Management, Carlyle Group, Kohlberg Kravis Roberts, Cinven and Vestar.

Infineum is a 50-50 joint venture between Shell and Exxon producing specialist chemicals and additives for fuels used in the engines of cars, lorries and boats. The group, whose customers are oil companies and other lubricant and fuel sellers, had turnover of around $1.5 billion (£780 million) in 2006. It employs 1,600 people worldwide. It is based in Abingdon, Oxfordshire, with regional technology centres in New Jersey, in the United States, as well as production facilities in France, Italy, Germany, Singapore and the Middle East.

Shell and Exxon revealed plans to undertake a strategic review of the business, which was formed in 1999 from the combination of Exxon's Paramins division and Shell's additives business, in March.

A spokeswoman for Shell declined comment, while a spokeswoman for Exxon in Houston, Texas, said that no final decision had yet been made on a sale. (Robin Pagnamenta)

Bullring buyers circle

The German owner of the new White City shopping centre in West London and a Canadian pension fund are circling Land Securities' one-third stake in the Bullring, Birmingham's biggest shopping centre, which is up for sale with a £300 million price tag.

Canada Pension Plan (CPP), a state-backed fund with C$120 billion (£59 billion) under management, is considering bidding for the stake, but it will have to beat off interest from CGI, the real estate fund run by Commerzbank, of Germany. Land Securities, Britain's largest commercial property company, put its stake in the Bullring up for sale in April. The entire Bullring centre is thought to be valued at between £900 million and £1 billion. (James Rossiter)

Pantheon to be sold

Friends Provident is expected to unveil a deal to sell Pantheon, its high-end network of financial advisers, this week to an unnamed private equity firm for about £30million as it moves to complete the first stage of its recovery plan. Friends bought Pantheon in May 2007 in an acquisition worth about £30million over three years. It is not clear whether it is facing a loss on its initial investment. It paid £16.8 million upfront, with subsequent payments performance-based.

The insurer is also close to finalising a shortlist of bidders for Lombard, its investment unit for the wealthy. Interested parties for Lombard are understood to include Swiss Life, the insurer, and the private equity firms CVC and Hellman & Friedman. (Miles Costello)

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