Shell unit buys Integrys unit's Canadian portfolio

Shell unit buys Integrys subsidiary's Canadian gas and power customer contract portfolio

• On 10:34 am EDT, Monday September 21, 2009

NEW YORK (AP) -- A North American unit of Royal Dutch Shell PLC said Monday it completed the acquisition of the Canadian natural gas and power customer contract portfolio of a subsidiary of Integrys Energy Group Inc., a move that bolsters Shell's presence in Canadian markets.

Effective Oct. 1, the customers of Integrys Energy Services of Canada Corp. will be integrated into Shell Energy North America (Canada) Inc.'s natural gas and power portfolio.

Integrys Energy Services serves residential commercial, industrial and wholesale customers.

When the deal was originally announced in July, the companies agreed not to disclose the price.

Integrys said the transaction will result in a reduction of its collateral requirements to suppliers for contracts by an estimated $300 million to an estimated $1.5 billion, based on March data.

Royal Dutch Shell' Class A shares fell 45 cents to $58.25 in morning trading Monday while shares of Integrys fell 15 cents to $35.53.