Shell Unit Sells Off $3.2B In Woodside Shares

Law360, New York (November 9, 2010, 2:53 PM EST) -- A Royal Dutch Shell PLC unit sold more than $3.2 billion worth of its equity in Woodside Petroleum Ltd. on Tuesday, reducing its massive stake in the Australian oil and gas production company it was blocked from taking over nine years ago.

Shell Energy Holdings Australia Ltd. still owns an almost 25 percent stake in Woodside valued at about $8 billion, Shell said Monday in a notice accompanying the share sale, adding it could be open to selling yet more shares under certain conditions.

Shell will...
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