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.

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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.

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