After 30 years, Shell sells entire stake in Woodside
ROYAL Dutch Shell has sold out of Woodside Petroleum, ending a presence of more than 30 years on the register of Australia’s biggest stand-alone oil and gas producer.
Shares in Woodside slumped more than 3 per cent yesterday after the AngloDutch energy titan confirmed it had sold its final 13.3 per cent stake for $3.5 billion.
Shell moved to sell off 8.5 per cent of its Woodside stake late on Monday but decided to offload its entire holding amid strong demand from i nstitutional investors.
It sold out at $31.10 a share, a 3.5 per cent discount to Monday’s closing price.
But Woodside chief Peter Coleman said the two companies would still work closely, remaining partners in two oil projects off the coast of Western Australia.