Royal Dutch Shell PLC (RDSA.LN) said Monday that it is selling 71.6 million shares in Woodside Petroleum Ltd. (WPL.AU) for 31.10 Australian dollars ($23.78) a share, raising A$2.2 billion as it seeks to lower its debt mountain.
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Shell said it is selling the shares to two investment banks and expects the deal to be completed on Tuesday.
Shell will own a 4.8% interest in Woodside after the sale, and it has agreed not to sell any more shares in the Australian oil company for at least 90 days thereafter.
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(END) Dow Jones Newswires
November 13, 2017 03:40 ET (08:40 GMT)