Shell\u2019s subsidiary, Shell Energy Holdings Australia Limited (\u201cSEHAL\u201d), has entered into an underwriting agreement with two investment banks, for the sale of 71.6 million shares in Woodside, representing 64.0% of its interest in Woodside and 8.5% of the issued capital in Woodside, at a price of A$31.10 per share, resulting in total pre-tax proceeds of approximately $1.7 billion (A$2.2 billion). The sale is expected to complete on November 14, 2017.<\/p>\n
Shell\u2019s Chief Financial Officer, Jessica Uhl, said \u201cThis sale is another step towards the completion of our three-year $30 billion 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.\u201d<\/p>\n
Upon completion of the sale, SEHAL will continue to own a 4.8% interest in Woodside. SEHAL has agreed that it will not dispose of any of its remaining shares in Woodside for a minimum of 90 days from completion of the sell-down, with limited customary exceptions.<\/p>\n","protected":false},"excerpt":{"rendered":"
Shell\u2019s subsidiary, Shell Energy Holdings Australia Limited (\u201cSEHAL\u201d), has entered into an underwriting agreement with two investment banks, for the sale of 71.6 million shares in Woodside, representing 64.0% of its interest in Woodside and 8.5% of the issued capital in Woodside, at a price of A$31.10 per share, resulting in total pre-tax proceeds of […]<\/p>\n","protected":false},"author":4,"featured_media":73979,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,2],"tags":[33629,40514,40515,40516],"yoast_head":"\n