Shell Reduces Its Interest In Woodside

Shell Reduces Its Interest In Woodside

Owing to "strong demand from institutional investors", the Anglo-Dutch energy group said it had offloaded the entirety of its 13.28-percent stake, just hours after it announced that it had chose to sell 8.5 percent of Woodside.

Shell announced in London that it had agreed to sell down nearly two thirds of its remaining stake Woodside Petroleum for $US1.7 billion ($A2.2 billion). The total consideration would be AUD3.50 billion, around USD2.70 billion.

When the sale is completed, SEHAL will own a 4.8 per cent interest in Woodside. The sale increase was a result of the "strong demand" from institutional investors, Shell said. The transaction is expected to close on Tuesday.

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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. The company has agreed that it will not dispose of any of its remaining shares in Woodside for a minimum of 90 days from completion of the sell-down, with limited customary exceptions. Sale proceeds will be used to reduce Shell's net debt, Jessica Uhl, chief financial officer of Shell, said in the statement.

Shell sold a 10 per cent interest in November 2010 and another 9.5 per cent in June 2014, taking its holding to just over 13 per cent.

Shell "A" shares were up 0.7% on Monday at 2,435.00 pence, with "B" shares up 0.7% at 2,475.00p.

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