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Shell to sell part of its stake in Woodside Petroleum for $1.7 bln
November 13, 2017 / 9:12 AM / 7 days ago

Shell to sell part of its stake in Woodside Petroleum for $1.7 bln

Nov 13 (Reuters) - Royal Dutch Shell said on Monday it was selling part of its stake in Woodside Petroleum Ltd to equity investors for about $1.7 billion.

Shell said its unit, Shell Energy Holdings Australia Limited (SEHAL), had entered into an agreement with two investment banks for the sale of 71.6 million shares in Woodside for 31.10 Australian dollars ($23.79) per share. (go.shell.com/2iQHTMy)

The company said that represented 64 percent of its interest in Woodside and 8.5 percent of the issued capital in Woodside.

Upon completion of the sale, SEHAL will continue to own a 4.8 percent interest in Woodside.

Shell has so far sold or agreed to sell over $26 billion as part of its three-year $30 billion asset sales programme launched following the acquisition of BG Group in 2015.

$1 = 1.3074 Australian dollars Reporting by Radhika Rukmangadhan in Bengaluru and Ron Bousso in London; Editing by Mark Potter

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