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ExxonMobil Is One of Four Bidders for Shell's U.S. Chemicals Assets Valued at $8 Billion

ExxonMobil is currently competing with three other entities to acquire Shell's U.S. chemicals assets, which could cost up to $8 billion. The four remaining bidders include LyondellBasell, Apollo Global Management, and the chemicals arm of the Kuwait Petroleum Corporation. These non-binding bids represent various interests in purchasing either the entire portfolio or specific parts of the business. Shell is looking to divest these underperforming assets, which include four plants located in Louisiana, Texas, and Pennsylvania. The potential sale would allow Shell to focus on its strongest assets and align with its strategy to allocate capital for long-term value. If ExxonMobil wins the bid, it would significantly expand its domestic petrochemical footprint and achieve structural cost savings through increased scale. The acquisition would occur at a significant discount to replacement cost, allowing ExxonMobil to diversify beyond oil and gas while pursuing its goal of $9 billion in earnings growth from its product solutions businesses by 2030.

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