Wednesday, April 13, 2005

What have handbags, waistcoats and natural gas got in common?

News in the German papers yesterday that you guys are wobbling about whether to sell Basell the, polyolefins joint venture to Iran's NPC, doesn't come as a surprise, what with German Competence and Anglo-Dutch Scenario Planning. Your managements are prone to examine things to death and beyond. It has to be said, this process serves you well.

You might be worried about share price effects of selling out Basell to NPC, compared to Ineos or the Haldia consortium.

But, guys, long term shareholder value has been your mantra and should continue to be.And OK, Birds in the hand (or cash in the bank) and all that...

But, a gentleman can never have too many waistcoats and a lady can never have too many handbags. On that basis I humbly suggest neither Shell or BASF can never have too many friends sitting on piles of natural gas, now or in the forseeable future.

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