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".

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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.


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