Infratil said Monday it expects a consortium it leads to complete the purchase Shell New Zealand's downstream assets on March 31.

The consortium, which includes the New Zealand Superannuation Fund, still has to obtain a number of third-party consents and approvals, but these are in the final stages of being negotiated and secured, it said in its monthly operational report.

"Documentation of the planned acquisition of Shell New Zealand's sales and distribution business is at an advanced stage," it said.

The Infratil-led consortium entered into exclusive talks with Shell in November 2009.

Lucy Craymer, Dow Jones Newswires; 64-4-471-5990; lucy.craymer@dowjones.com
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