NEW ZEALAND - The New Zealand Superannuation fund invested NZ$212.5m (US$150.8m) in the local downstream assets of Shell through a 50/50 consortium with infrastructure investor Infratil.
The transaction involves Shell New Zealand's distribution and retail businesses and a 17.1% interest in the oil giant's New Zealand Refining Company.
The NZ Superannuation Guardians' general manager of private markets Matt Whineray said the acquisition was a good fit with the scheme's long-term investment horizon.
He added: "The business has stable, long-term cash flows, there is considerable potential to add value over time and we acquired it for a good price.
"We are pleased that, in investing to serve our purpose of reducing the tax burden on future New Zealanders of the cost of New Zealand Superannuation, we can contribute to creating a 100% New Zealand owned fuel distribution business."
The agreement is scheduled to complete on April 1. In addition to Shell's retail network, the acquisition includes NZ-wide distribution, storage, marine and aviation assets; the rights to use the Shell retail brand; a 25% share in Loyalty New Zealand and the ongoing supply of Shell fuels and products.
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.