NZ's Infratil looking at buying Shell NZ assets

WELLINGTON, Nov 3 (Reuters) - New Zealand infrastructure investor Infratil Ltd (IFT.NZ) is in negotiations with Royal Dutch Shell about acquiring its local downstream and refining business, the company said on Tuesday.

Infratil said it had formed a consortium with the New Zealand state superannuation fund to negotiate with Shell for the assets, including a 17 percent stake in the New Zealand Refining Company (NZR.NZ), and the retail and distribution arms of the business.

The consortium has submitted a non-binding proposal and said it would make no further comment while negotiations are ongoing.

Infratil has assets in THE electricity and transport sectors.

Shares in Infratil last traded steady at NZ$1.65. So far this year the stock has gained 1 percent against a 17 percent gain for the benchmark NZSX-50 index .NZ50. ((Wellington newsroom tel 64 4471 4234, fax +64 4 4736 212, wellington.newsroom@reuters.com))