RDS: Possible $12B Asset Swap in Australia

STUART JOYNER, Investec Securities (04/11/2011)
"Press speculation that Shell may sell its remaining Woodside stake for Australian LNG assets: On Nov. 8, 2010, Shell reduced its holding in Woodside from 34% to 24.3% following a sell down to institutional investors. At the time of the sale, Shell committed to retaining the remaining shares for a minimum of 12 months only with limited conditions, including a sale to a strategic party of an interest greater than 3% provided the purchaser adhered to the same escrow restrictions or an intent to make a takeover offer; therefore, Shell is clearly in the position of 'king maker' and a potential seller at any time (as it concentrates on more direct LNG exposure via fully owned projects or joint ventures)."

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