Shell cuts interest in Woodside Petroleum to just under 5%

Mae Love
November 13, 2017

Anglo-Dutch oil and energy group Royal Dutch Shell has said it is to sell almost two-thirds of its remaining stake in Australia's Woodside Petroleum for £1.3bn.

These shares represent 64% of its interest in Woodside and 8.5% of the issued capital in Woodside, at a price of AUS$31.10 per share, resulting in total pre-tax proceeds of approximately US$1.7 billion (AUS$2.2 billion).

Shell announced in a statement this morning that it had agreed to sell part of its stake in Woodside Petroleum to equity investors. The sale is expected to be completed on Tuesday.

The divestment program is an important part of Shell's strategy to reshape itself, as well as deliver a world class investment case and strengthen its financial network. Proceeds will contribute to reducing our net-debt.

Cochin: Airport authorities detain man after hijack threat
There was an important case at Cochin airport, following a passenger purportedly attacked to hijack Jet Airways flight 9W 825. The threat caused Jet Airways to delay the the flight by 2 hours until they were sure that it will be safe to take off.

Bitcoin crashes: Here's what you need to know
Block size limits transaction speeds, and the cancelled SegWit2x upgrade would have raised the block size to two megabytes. Some sceptics have called Bitcoin's rapid advance a bubble but the digital currency has become too big for many to ignore.

Up-To-Date Stocks Report: QUALCOMM Incorporated (QCOM), Mattel, Inc. (MAT)
After $1.80 actual EPS reported by IDACORP Inc for the previous quarter, Wall Street now forecasts -62.22% negative EPS growth. Old Mutual Customised Solutions (Proprietary) holds 27,671 shares or 0.23% of its portfolio. $588,767 worth of QUALCOMM, Inc.

Royal Dutch Shell PLC (LON:RDSB) has disposed of its entire stake in Woodside Petroleum after being swamped by demand for the shares by institutional shareholders.

In November 2010 Shell sold 10 percent of the issued capital of Woodside, retaining a 24.27 percent interest.

A Woodside spokeswoman said: "It has been widely known for some time that Shell intends to exit Woodside's register at a time of its choosing". This interest was further diluted to 13.28 percent due to Shell not participating in Woodside's dividend re-investment program.

Other reports by

Discuss This Article

FOLLOW OUR NEWSPAPER