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Shell to sell part of its Woodside Petroleum stake for $1.7 bn

Company to use proceeds to pay off debt

Reuters  |  London | Sydney 

Royal Dutch Shell is selling part of its stake in Australia's largest independent oil and gas company, Woodside Petroleum Ltd, to equity investors for about $1.7 billion. Shell, which has been slowly divesting its Woodside holding, said on Monday its Shell Energy Holdings Australia Limited (SEHAL) unit had struck a deal with two investment banks over the sale of 71.6 million Woodside shares for 31.10 Australian dollars ($23.79) apiece. The oil major said that represented 64 per cent of its interest in Woodside and 8.5 per cent of the issued capital in Woodside. The ...

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First Published: Mon, November 13 2017. 16:48 IST