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Shell to sell most of stake in Australia’s Woodside for $5.7 billion

Screen Shot 2014-06-17 at 08.37.28Extracts from a Reuters article by Sonali Paul published Tuesday 17 June 2014

(Reuters) – Royal Dutch Shell launched a long-anticipated sale of most of its stake in Australia’s Woodside Petroleum Ltd on Tuesday, looking to reap about $5.7 billion as it moves to focus on developing its own gas assets in Australia. The selldown, which reduces Shell’s holding to 4.5 percent from 23.1 percent, removes uncertainty that has weighed on Woodside’s share price since Shell sold a third of its stake in 2010 and flagged it was not a long term holder.  The sale, which came the week Woodside’s stock hit a three-year high, had been expected this year after Shell Chief Executive Ben van Beurden took the helm in January outlining plans to sell $15 billion worth of assets.

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