01:41 PM EDT, 06/12/2024 (MT Newswires) -- (Updates with additional details in the third and fourth paragraphs, and attempt to reach out to the companies in the fifth paragraph.)

Shell (SHEL) has emerged as the frontrunner to buy the assets of Pavilion Energy in a deal that would boost the energy company's liquefied natural gas activities, Bloomberg reported Wednesday, citing people familiar with the matter.

Pavilion is a wholly owned subsidiary of Temasek Holdings, which was seeking over $2 billion for the business, the people reportedly told Bloomberg.

Since last year, the owners of Pavilion Energy have been collaborating with Barclays ( JJCTF ) to explore a potential sale, excluding the gas pipeline business due to its strategic importance to Singapore, the news outlet added.

Although negotiations are well advanced, no final agreement has been finalized, and there's still a possibility of additional bidders stepping in, or Temasek might choose to retain the assets, according to the report.

Shell, Pavilion Energy and Temasek didn't immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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