Shell gets rid of all Woodside shares following investors demand
- Business & Finance
Following a decision earlier on Monday to sell part of its stake in Woodside, oil major Shell has now decided to sell even more of its interest in the Australian firm.
Shell first announced that its subsidiary, Shell Energy Holdings Australia Limited (SEHAL), would sell 71.6 million shares in Woodside, representing 64% of Shell’s interest in Woodside and 8.5% of the issued capital in Woodside. The deal was made at a price of A$31.10 per share, resulting in total pre-tax proceeds of approximately $1.7 billion (A$2.2 billion).
However, following strong demand from institutional investors, Shell said late on Monday it had upsized its previously announced agreement to sell shares in Woodside Petroleum.
A total of 111.8 million shares were agreed to be sold, representing 13.28% of the issued share capital of Woodside and the entirety of SEHAL’s total shareholding in Woodside, for total pre-tax proceeds of $2.7 billion (A$3.5 billion).
Completion is expected to take place on November 14, 2017, with settlement expected on November 16, 2017.
Offshore Energy Today Staff