Shell to offload $2.2 billion Woodside stake

Royal Dutch Shell has agreed to sell 71.6m shares in Woodside Petroleum to two investment banks, cutting its holding in the company to 4.8%.

The sale represents 64 per cent of Shell's stake in Woodside and 8.5 per cent of Woodside's issued capital, Shell said.

Several hours later, the Anglo-Dutch company said in another statement that "following strong demand from institutional investors", SEHAL upsized its sale to 111.8 million shares worth a total of $2.7 billion before tax proceeds.

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).

Firearms amnesty launches in Milton Keynes
Anyone handing an item in is advised to call 101 and notify police of the time and station they will be attending. If you are found guilty of possession with intent to supply, it could lead to a life sentence.

LeBron James, Cleveland Cavaliers take NY subway ride following Monday shootaround
According to LeBron, the team had chose to take the subway when their options came down to a 45-minute bus ride or a train ride. The Cavaliers are in town on Monday, so LeBron's comments should give the Knicks plenty of bulletin-board material.

Governor John Bel Edwards to make major economic development announcement Monday
Its New Orleans "Digital Transformation Center" will serve as a "blueprint", according to executive vice president Stephen Hilton. For its New Orleans office, DXC will begin hiring 300 IT and other staffers, aiming for 2,000 over the next five years.

Originally, Shell it agreed to retain a 4.8% stake but such was the demand it chose to sell the whole lot to raise US$2.7bn (A$3.5bn).

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.

After being diluted further because of a decision not to participate in Woodside's dividend reinvestment programme, and what Shell said was a "change in Shell's level of involvement over Woodside's financial and operating policy decisions", management concluded previous year that Shell "no longer [had] significant influence". "Proceeds from the sale will contribute to reducing our net debt".

Shell will remain joint venture partner in two liquefied natural gas projects in Australia, according to Woodside.

Latest News