Shell to sell Woodside stake for $5.7B

|By:, SA News Editor

Royal Dutch Shell (RDS.A, RDS.B) says it plans to sell most of its stake in Woodside Petroleum (WOPEF, WOPEY) for $5.7B, in the biggest deal orchestrated by CEO Ben van Beurden since he took over in January.

The selldown reduces Shell's holding in Woodside to 4.5% from 23.1%.

Shell aims to sell ~$15B in assets globally by the end of next year as part of a drive to cut spending and streamline operations, and already has raised $2.6B from the sale of an Australian refinery and network of filling stations.