Shell to dump $3.5 billion stake in Woodside

Shell to dump $3.5 billion stake in Woodside

The energy giant said in a statement today that its Shell Energy Holdings Australia Limited (SEHAL) had entered into a deal with two investment banks to sell 71.6m Woodside shares for £18.2 each.

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 sale "is another step towards the completion of our three-year $30 billion divestment programme, which is an important part of our strategy", said Shell's Chief Financial Officer Jessica Uhl, adding that the proceeds would help to cut the group's debt.

The oil major completed its sale of 111.8 million shares for $31.10 to institutional investors in morning trade.

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

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Watching some historical volatility numbers on shares of Woodside Petroleum Ltd (ASX:WPL), we can see that the 12 month volatility is presently 16.3779.

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

A sell down of Shell's 98 million shares in Canadian Natural Resources, worth around $2.8 billion "is only a matter of time", TPH said in a note. This was further diluted to 23.08 percent after Shell decided not to participate in Woodside's dividend re-investment program.

The two companies have an extensive history, including Shell's blocked $10 billion takeover attempt for Woodside in 2001.

The North West Shelf Project, where Shell and Woodside are partners.

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