Shell sell interest in Woodside Petroleum $1.7 bn

Shell to sell interest in Woodside Petroleum for $1.7 bn

5:44 AM, 14th November 2017
Shell logo
Logo of the company Shell seen at a retail site in US. (File photo)

THE HAGUE, NETHERLANDS: Royal Dutch Shell plc (Shell) has entered into an underwriting agreement to sell 71.6 million shares in Woodside Petroleum Limited (Woodside) to two investment banks.

This represents 64.0 percent of its interest in Woodside and 8.5 percent of the issued capital in Woodside, at a price of A$31.10 per share, resulting in total pre-tax proceeds of approximately $1.7 billion (A$2.2 billion).

Upon completion of the sale, Shell’s subsidiary, Shell Energy Holdings Australia Limited (SEHAL) will continue to own a 4.8 percent interest in Woodside. SEHAL has agreed that it will not dispose any of its remaining shares in Woodside for a minimum of 90 days from completion of the sell-down, with limited customary exceptions.

“This sale is another step towards the completion of our three-year $30 billion divestment programme, which is an important part of our strategy to reshape Shell, to deliver a world-class investment case, and to strengthen our financial framework. Proceeds from the sale will contribute to reducing our net debt,” said Jessica Uhl, Shell’s chief financial officer.

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