Shell bids over half a billion AUD for power company

The oil giant placed an acquisition bid exceeding AUD 600 million for Australian energy firm ERM Power. "A significant step," says Australian Shell chair on the possible takeover of the company. Shell views electricity as an important business area.

Shell has a lot of stockpiled gas – for instance, at this gas station in Cambridge, Massachusetts. Now the company endeavors to transfer gas to power markets across the world as part of a strategic revision of its business model. Photo: Brian Snyder/Reuters/Ritzau Scanpix

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