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

Staff Writer |
Royal Dutch Shell said it was selling part of its stake in Woodside Petroleum to equity investors for about $1.7 billion.

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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.

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.

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