Af­ter 30 years, Shell sells en­tire stake in Wood­side

Mercury (Hobart) - - BUSINESS -

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.

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