Royal Dutch Shell plc (Shell) confirms its subsidiary has completed the sell-down of 78.27 million shares of Woodside Petroleum Limited (Woodside).

Shell Energy Holding Australia Limited (SEHAL) completed the sale at a price of A$41.35 per share with proceeds expected to be received on 23 June 2014. The sale to a broad range of equity investors attracted strong demand and took place on an underwritten basis.

As also announced on 17 June 2014, SEHAL has agreed with Woodside the buy-back of 78.27 million shares. After completion of the buy-back and cancellation of the buy-back shares by Woodside, which remains subject to limited conditions, including Woodside lender consent and Woodside shareholder approval, Shell’s ownership of Woodside will reduce to below 5%. As part of this transaction, SEHAL has agreed to retain its remaining shares in Woodside for 90 days from completion of the sell-down with limited exceptions.

Tags: Royal Dutch Shell plc