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14 November 2017, 10:04 | Cesar Cruz
Woodside's Pluto LNG
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).
SEHAL will continue to own a 4.8% interest in Woodside.
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These shares represent 64% of its interest in Woodside and 8.5% of the issued capital in Woodside, at a price of AUS$31.10 per share, resulting in total pre-tax proceeds of approximately US$1.7 billion (AUS$2.2 billion).
Shell shares were up 0.8 percent at 1525 GMT.
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Investors in Woodside Petroleum will have to contend with the confirmation last night that Shell is about to sell most of its holding, with the rest not to far behind.
The disposal will help reduce net debt, is part of a $3US0bn divestment by Shell as it seeks to improve its financial performance.
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. Shell has been selling out of Woodside for some time. Woodside's shares closed trading at $32.24 on Monday.
"Woodside will maintain a close working relationship with Shell - as a joint venture partner and customer of Shell technology - and we recognise that Shell will always be part of our history", Woodside Chief Executive Peter Coleman said in a statement.
The two companies have an extensive history, including Shell's blocked $10 billion takeover attempt for Woodside in 2001.
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