Woodside shareholders block Shell shares buy-back

Woodside Petroleum held a vote on the proposed shares buy-back from Shell that needed 75% approval by the shareholders to go through with the $2.68 billion shares buyback.

Buyback won 72% support, with 28% against which was not enough for the resolution to be carried, said the company in a statement.

Shell intended to sell down its stake from 23.1% to 4.5% in an attempt to cut the company’s costs.

LNG World News Staff, August 1, 2014; Image: Woodside