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Market Chatter: Royal Dutch Shell Gets Probed By Italian Authorities Over Nigeria Oil Field Purchase

ADRs of Royal Dutch Shell (RDS.A, RDS.B) were up Wednesday morning even as Italian prosecutors launched a probe on the Anglo-Dutch oil major over the $1.3 billion purchase of an off-shore oil field in Nigeria that was completed together with Italy's Eni SpA ( E ), Reuters reported.

According to the report, Italian prosecutors have teamed up with a Dutch anti-fraud team to determine whether Shell and Eni paid bribes in exchange for licenses to operate the Nigerian field.

A Shell spokesman confirmed the company received a notice of proceedings from Italian prosecutors, adding Shell is cooperating with authorities and looking into the allegations.

In recent morning trade, RDS.A and RDS.B were up over 3%, both moving in the lower half of their respective 52-week ranges. E was up 4%, still moving in the lower half of the 52-week range of $24.73 to $39.33.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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