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Woodside’s Buyback Deal With Shell at Risk of Being Blocked

Screen Shot 2014-02-10 at 16.29.29Extracts from a Bloomberg News article by James Paton dated 31 July 2014

Woodside Petroleum Ltd plan to buy back shares from Royal Dutch Shell Plc for $2.7 billion is at risk of being rejected by shareholders as it falls short of the votes needed to proceed. The buyback is part of Shell’s deal last month to raise $5 billion trimming most of its 23 percent stake in Australia’s second-largest oil producer. A no vote would leave Shell with a larger, unwanted stake, and add to Woodside’s frustrations after a plan to invest as much as $2.6 billion in an Israeli gas project collapsed, according to Macquarie Group Ltd.

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