Economy

Shell to offload $2.2 billion Woodside stake

Shell to offload $2.2 billion Woodside stake

Shell has further reduced its stake in Australia's Woodside Petroleum, raising $1.7 billion in the process, the Anglo-Dutch major said on Monday.

The multinational energy giant said it had made an underwriting agreement with two investment banks to sell 8.5 per cent of Woodside's issued capital at $31.10 a share. Sale proceeds will be used to reduce Shell's net debt, Jessica Uhl, chief financial officer of Shell, said in the statement.

Shell "A" shares were up 0.7% on Monday at 2,435.00 pence, with "B" shares up 0.7% at 2,475.00p. "This is another step towards the completion of our three-year $30 billion divestment program", a Shell spokesperson told Rigzone. The sale increase was a result of the "strong demand" from institutional investors, Shell said.

"Today's announcement contributes to our strategy to reshape Shell, to deliver a world class investment case and to strengthen our financial framework".

More news: Eaton Corporation, PLC Declares Quarterly Dividend of $0.60 (NYSE:ETN)

Equity capital markets teams from a number of worldwide banks had been asked earlier on Monday to submit bids and lock in cornerstone investors, a banking source requesting anonymity told Reuters.

Following the sale, Shell said its remaining interest in Woodside Petroleum would stand at 4.8% of the company. This was further diluted to 23.08 percent after Shell decided not to participate in Woodside's dividend re-investment program.

A total of 111.8 mln shares were agreed to be sold, representing 13.28% of the issued share capital of Woodside.


  • Sensex, Nifty plunge amid investor concerns over government finances, retail inflation data

    Sensex, Nifty plunge amid investor concerns over government finances, retail inflation data

    The decline - close to 1% for the Sensex and the Nifty - was all but pervasive across sectors. The Nifty of National Stock Exchange (NSE) too shed by 96.80 points to 10,224.95.
    Louis CK fired from 'The Secret Life Of Pets 2'

    Louis CK fired from 'The Secret Life Of Pets 2'

    He has also cancelled the opening to his new film I Love You Daddy , which was supposed to premiere sometime next week. Then FX said his overall deal between he and his FX Productions and his production company Pig Newtown was off.
    John Kelly Says He Doesn't Follow President Trump's Tweets

    John Kelly Says He Doesn't Follow President Trump's Tweets

    Trump is now in the Phillipines after visiting Japan, China, South Korea and Vietnam on a tour of Asia this week. "Someone, I read the other day, said we all just react to the tweets", said Chief of Staff John F.
  • Bill Gates makes $100-m personal investment to fight Alzheimer's

    Bill Gates makes $100-m personal investment to fight Alzheimer's

    He was realistic by adding that he hoped that within 10 years some strong drugs were available, but there is the possibility that will not be achieved.
    Texas Church Shooter's Ex-wife Says He Abused, Threatened to Kill Her

    Texas Church Shooter's Ex-wife Says He Abused, Threatened to Kill Her

    The couple finally divorced in 2012, and in 2013, Kelley pled guilty to choking Brennaman, pulling her hair and kicking her. He was also confined to a military prison for a year and received a bad conduct discharge from the Air Force.
    GQ: Colin Kaepernick is 'citizen of the year'

    GQ: Colin Kaepernick is 'citizen of the year'

    Such a precedent threatens all patriotic Americans and harkens back to our darkest days as a nation". All because Kaepernick took a knee during a preseason game in August 2016.
  • (OXY) Holdings Cut by Candriam Luxembourg SCA

    Cormark Securities upgraded the shares of SPB in report on Monday, May 2 to "Buy" rating . 373,508 are held by Bluestein R H And. The stock of Occidental Petroleum Corporation (NYSE:OXY) has "Underweight" rating given on Monday, September 12 by JP Morgan.

    Retail inflation in October accelerates at 3.58% on rising food prices

    India's annual consumer inflation in October increased to 3.58 per cent from a year earlier, government data showed on Monday. However, on a year-on-year (YoY) basis, the CPI inflation last month was lower than 4.20 per cent recorded in October 2016.

    Trump picks Alex Azar as health secretary to replace Tom Price

    US President Donald Trump has nominated a former pharmaceutical executive to serve as his next health secretary. The nomination comes two months after former HHS Secretary Tom Price resigned due to a private plane scandal.
  • Michael Bublé Confirms Music Return Following Son's Cancer Battle

    Michael Bublé Confirms Music Return Following Son's Cancer Battle

    And I want them to know that they reached us and that it helped us a lot to come through this. The couple have a younger son Elias, who is approaching his second birthday.
    Brookfield Property offers to buy rest of mall owner GGP

    Brookfield Property offers to buy rest of mall owner GGP

    Brookfield already has a roughly 34% stake in GGP that it first bought in 2010 to rescue the company from bankruptcy. CIBC Asset Management Inc lifted its position in Brookfield Property Partners L.P.by 51.8% during the third quarter.
    Iran says it does not interfere in Lebanese state affairs, says TV

    Iran says it does not interfere in Lebanese state affairs, says TV

    Soon after the interview was announced, Lebanese President Michel Aoun said Al Hariri's freedom was being restricted in Riyadh. Lebanese Prime Minister Saad Hariri has resigned - but the circumstances that led to the shock move are shrouded in mystery.