Shell subsidiary Shell Energy Holdings Australia (SEHAL) will sell 29.18% of its interest in Woodside Petroleum.
The sale will include 78.34 million shares in Woodside and 10% of the issued capital in Woodside for A$42.23 ($43) per share.
SEHAL will continue to hold a 24.27% interest in Woodside after completing the transaction.
Shell CEO Peter Voser said that the decision to reduce its stake in Woodside is part of Shell’s strategy to simplify the firm and to improve its capital efficiency as it increasingly focuses on investment in Australia through direct interests in assets and joint ventures, rather than indirect stakes.
”We will manage our remaining position in Woodside over time in the context of our global portfolio,” Voser said.
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