Shell to drop Woodside stake

Shell is planning to sell its stake in Australia-based Woodside Petroleum, according to the Australian Financial Review (AFR).

The AFR’s Street Talk section is reporting that the global energy giant is looking to offload its stake in Woodside, with comments from Shell CFO Simon Henry fanning the flames.

Mr Henry told investors that Shell’s shares in Woodside are “held available for sale”, meaning that the stake could be sold at some stage in the near future.

The AFR says that analysts from Credit Suisse are hoping for a quick sale, which would benefit both parties.

“In our minds, and with Woodside having held up well vs oils 20 per cent decline, we wouldn’t be hanging around to place the block,” said Credit Suisse.

“Frankly for Woodside too, the best thing that can happen is to rip the band aid off and move on.”

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