Shell divests part of Woodside stake

Shell divests part of Woodside stake

Shell divests part of Woodside stake

Owing to "strong demand from institutional investors", the Anglo-Dutch energy group said it had offloaded the entirety of its 13.28-percent stake, just hours after it announced that it had chose to sell 8.5 percent of Woodside.

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.

Whilst Shell has divested its ownership interest in Woodside, the Anglo-Dutch company will continue to maintain a relationship with Woodside as a joint venture partner in the North West Shelf venture and the Browse LNG venture. The Volatility 3m is a similar percentage determined by the daily log normal returns and standard deviation of the share price over 3 months.

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Royal Dutch Shell PLC (LON:RDSB) has disposed of its entire stake in Woodside Petroleum after being swamped by demand for the shares by institutional shareholders.

Shell said today that proceeds from its sale of Woodside shares will be used to reduce the group's net debt.

Analysts at investment bank Tudor, Pickering, Holt & Co said that Shell's $30 billion target "is easily within reach and we see the potential for this to be increased at the Management Day" on November 28.

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A sell down of Shell's 98 million shares in Canadian Natural Resources, worth around $2.8 billion "is only a matter of time", TPH said in a note.

Investors in Woodside Petroleum will have to contend with the confirmation last night that Shell is about to sell most of its holding, with the rest not to far behind.

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