April 5 DCC Plc said Tommy Breen, its
chief executive of nine years, will step down on July 14 and be
succeeded by Donal Murphy, managing director of its energy
division, in a move that reaffirms the support services firm's
focus to build up its largest unit.
DCC, whose activities range from distributing oil to making
Body Shop's body butters and distributing Xbox to retailers Argo
and Amazon, also announced plans to buy Royal
Dutch Shell's LPG business in Hong Kong and Macau for
an enterprise value of HK$1.165 billion ($145 million).
The company has been seeking opportunities to purchase
distribution and market assets from oil majors as they slim down
their portfolio to ride out an oil price slump, and in February
agreed to buy the retail petrol station network of ExxonMobil's
DCC, which has in the past bought assets from oil companies
such as Chevron and Total, said the Shell
purchase was expected to complete before the end of its
financial year on March 31 and would give it one of the leading
LPG businesses in Hong Kong and the market leader in Macau.
Following the completion of the deal, the business will
continue to operate under the Shell brand in both Hong Kong and
Macau, based on a long-term brand licence agreement, the
Dublin-based company said in a statement.
DCC forecast full-year operating profit and adjusted
earnings per share in line with current market consensus. It had
in November forecast profit ahead of market consensus, citing
benefits from acquisitions and strong trading.
For Shell, the sale will contribute to the Anglo-Dutch
company's effort to make disposals of $30 billion by around
2018, following the $54 billion acquisition of BG Group in
($1 = 7.7700 Hong Kong dollars)
(Reporting by Esha Vaish in Bengaluru; Editing by Sunil Nair)