Utilities and airport investor Infratil Ltd. (IFT.NZ) and the New Zealand Super Annuation Fund said Monday they have signed a letter of intent with Shell New Zealand, a unit of Royal Dutch Shell PLC (RDSA), regarding the potential acquisition of its downstream assets.

In a statement the two said the letter of intent is not an acquisition contract.

"However it does represent Infratil and the Guardians' (of New Zealand Superannuation) clear intention to proceed to acquire Shell's New Zealand downstream assets if relevant pre-requisites are met including the securing of third-party approvals," it said.

Late Friday Infratil said the "process is significantly advanced and is expected to complete early in 2010."

-By Rebecca Howard, Dow Jones Newswires; 64-4-471-5990; rebecca.howard@dowjones.com
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