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Shell to sell $3.3b stake in Woodside

Shell has announced plans to sell a 10 per cent stake in Woodside Petroleum to focus on its investments in Australia through direct interest in assets and joint ventures rather than indirect stakes.

Shell's subsidiary, Shell Energy Holdings Australia has entered into an underwriting agreement with UBS AG to sell 78.34 million shares in Woodside at a price of $42.23 per share.

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