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Shell sells $5 billion stake in Woodside

By WTOP Staff

AMSTERDAM (AP) — Royal Dutch Shell PLC says it is selling a 19 percent stake in Australia’s Woodside Petroleum Limited, worth around $5 billion.

The shares are being sold to large investors and to Woodside itself. Shell was left with a large stake in Woodside, Australia’s second-largest oil company, after a 2001 takeover attempt was blocked by Australian lawmakers. Shell has gradually been reducing its stake and investing instead in Australian projects it controls itself, such as the massive offshore “Prelude” liquefied natural gas complex.

After the sale, Shell’s remaining stake in Woodside will be a little less than 5 percent, the company said in a statement Tuesday.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Emergency guide: What you should do to prepare for emergencies

By WTOP Staff
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