Shell to sell Woodside stake
Shell has put a significant portion of its 34 per cent stake in Woodside Petroleum up for sale for $3.3bn (£2bn), fuelling speculation that Australia's largest oil and gas firm could become a bid target.
The oil major said it would retain a stake of about 24 per cent in Woodside for at least a year, unless a takeover or strategic buyer emerged.
Shell, whose takeover bid for Woodside in 2000 was blocked by the Australian government, said it no longer needed to use Woodside as a vehicle for investment in the country.
The miner BHP Billiton and China's PetroChina are viewed as potential buyers.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies