Shell Cuts Stake in Woodside Petroleum
THE HAGUE, Netherlands (
) -
Royal Dutch Shell
(RDS.A)
said Monday it would sell part of its stake in
Woodside Petroleum
, the Australian oil and gas company.
Shell Energy Holdings Australia Ltd. has entered an underwriting agreement with
UBS
(UBS) - Get Report
for the sale of 78.34 million shares in Woodside, representing 29.18% of its interest in Woodside and 10% of the issued capital in Woodside for A$42.23 a share ($45.81), or about $3.4 billion. Woodside shares closed at A$45.86.
Shell said it will retain its 24.27% interest in Woodside for at least one year.
"With Shell's recent portfolio progress in Australia, our worldwide push to simplify the company and to improve our capital efficiency, we will increasingly focus our investment in Australia through direct interests in assets and joint ventures, rather than indirect stakes," said Shell CEO Peter Voser, in a statement Monday. "We will manage our remaining position in Woodside over time in the context of our global portfolio."
-- Written by Joseph Woelfel
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