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Royal Dutch Shell discusses plans for 24% stake in Woodside Petroleum

21 Feb 2011

Woodside: despite the sell-offs chief executive Don Voelte maintains relations are still good between the two companies

Anglo-Dutch oil giant Royal Dutch Shell is in talks with Woodside Petroleum about what it plans to do with its remaining 24% stake in the company after catching Australia‘s largest oil and gas producer on the hop last November when it sold off a big chunk of the company.

Shell sold a £1.67 billion stake – equivalent to a third of its holding, last year, reportedly angering Woodside‘s board and triggering speculation that Woodside could fall to a takeover.

“The chairman and I are working very constructively and professionally with them,” Woodside chief executive Don Voelte said, playing down talk of bad relations between the companies.

“I can’t go too far on this, it’s early days. I’ll just say that I would hope that we’re not surprised with the other 24 percent,” he said.

“I would say we’re proactive. I think we’re doing the right things right now.”

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