Anglo-Dutch oil and energy group Royal Dutch Shell has said it is to sell nearly two-thirds of its remaining stake in Australia's Woodside Petroleum for £1.3bn.
In a filing to the London Stock Exchange, Shell said it was to sell 71.6 million shares in Woodside at A$31.10 per share (£18.20) which would value the equity stake at £1.303bn, or US$1.7bn.
Shell said that the stake represented 64% of its interest in Woodside and 8.5% of the total issued capital in the Australian oil company. The sale was expected to complete on 14 November.
Shell’s chief financial officer, Jessica Uhl (left), said “This sale is another step towards the completion of our three-year $30bn divestment programme, which is an important part of our strategy to reshape Shell, to deliver a world class investment case, and to strengthen our financial framework. Proceeds from the sale will contribute to reducing our net debt.”