Royal Dutch to take Shell Canada private

Royal Dutch Shell has succeeded in its attempt to take its Shell Canada subsidiary private.

On Monday,the parent announced thatthe overwhelming majority of Shell Canada'sshareholders have accepted its sweetened takeover offer.

Royal Dutchsaid it now owns or controls 98.8 per cent of Shell Canada's stock and will exercise its right to acquire the rest of the shares "shortly."

Last October,Royal Dutch offered $40a share for the 22 per cent of Shell Canada it didn't already own.That put the offer's worth at $7.7 billion.

But in January, it had to ante up another$1 billion to the offer when minority shareholders balked at the $40-a-share price. The sweetened offer wasworth $45 a share.

Royal Dutch has been seeking to gain full control of the company's Alberta oilsands business.

Shell Canada owns 60 per cent of the Athabasca oilsands project in northeastern Alberta and wants to expand it.

Shell Canada shares will likely be delisted from the TSX next month.