Energy Business Recap: Ecolab Buys Champion, BP & Shell Export Oil From US
Ecolab (NYSE:ECL) will purchase Champion Technologies for $2.2 billion, in a transaction consisting of 75 percent cash and 25 percent stock. The firm explains that the acquisition should assist in its finding new oil and gas opportunities in North America, and should be accretive next year, adding that synergies from the unified entity are projected to bring $150 million to its total-run rate by 2015.
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Signs of changes to come in the world energy marketplace were visible, as BP (NYSE:BP) wins United States government permission to transport domestic crude oil to Canada, and Royal Dutch Shell (RDS.A)(RDS.B) applies for a U.S. export license. These moves show how the boom in domestic oil output from shale rock is reconfiguring its role globally. Shell did not report the amount of oil it intends to export or to where.