Royal Dutch Shell plc (Shell) has entered into an underwriting agreement to sell 71.6 million shares in Woodside Petroleum Limited (Woodside) to two investment banks.
This represents 64.0 percent of its interest in Woodside and 8.5 percent of the issued capital in Woodside, at a price of A$31.10 per share, resulting in total pre-tax proceeds of approximately $1.7 billion (A$2.2 billion).
Upon completion of the sale, Shell’s subsidiary, Shell Energy Holdings Australia Limited (SEHAL) will continue to own a 4.8 percent interest in Woodside. SEHAL has agreed that it will not dispose any of its remaining shares in Woodside for a minimum of 90 days from completion of the sell-down, with limited customary exceptions.
Royal Dutch Shell plc (Shell) has entered into an underwriting agreement to sell 71.6 million shares in Woodside Petroleum Limited (Woodside) to two investment banks.
This represents 64.0 percent of its interest in Woodside and 8.5 percent of the issued capital in Woodside, at a price of A$31.10 per share, resulting in total pre-tax proceeds of approximately $1.7 billion (A$2.2 billion).
Upon completion of the sale, Shell’s subsidiary, Shell Energy Holdings Australia Limited (SEHAL) will continue to own a 4.8 percent interest in Woodside. SEHAL has agreed that it will not dispose any of its remaining shares in Woodside for a minimum of 90 days from completion of the sell-down, with limited customary exceptions.
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