first_img Royal Dutch Shell yesterday said it planned to sell almost a third of its 34 per cent stake in Woodside Petroleum for $3.3bn (£2bn), prompting predictions Australia’s largest oil and gas firm could become a bid target.The Anglo-Dutch oil major said it would retain a 24.27 per cent stake in Woodside for at least a year, except in the case of a takeover bid for Woodside, or that Shell decided to sell a large chunk to a strategic buyer.A source familiar with the matter said the 10 per cent stake being sold on was being marketed to institutions in Australia and internationally. Shell said investment bank UBS had underwritten the sale at A$42.23 a share.Shell, which tried to take over Woodside in 2000 but which was blocked by the Australian government, said its development of a large portfolio of interests in Australia showed it no longer needed to use Woodside as a vehicle for investment there.“We will increasingly focus our investment in Australia through direct interests in assets and joint ventures, rather than indirect stakes,” chief executive Peter Voser said.The deal takes Shell closer to its goal of raising $7-8bn by the end of 2011, as it seeks to reduce debt incurred to pay for heavy investments in recent years.“This disposal programme is seen as a way of upgrading the portfolio and repairing the balance sheet,” Peter Hitchens, analyst at Panmure Gordon said in a note to clients.Investment banks said last week Woodside was being eyed as a potential takeover target with its long-serving chief executive, Don Voelte, due to step down in the second half of 2011, potentially leaving the company exposed to predators.Woodside shares rose last week on speculation Australia and London-listed miner BHP Billiton may take a look if its $39bn bid for Canada’s Potash collapsed. BHP, which looked at merging with Woodside in 2001, declined comment on a possible bid yesterday. Show Comments ▼ KCS-content Monday 8 November 2010 9:30 pm whatsapp whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Share Woodside put in play as Shell sells big stake Tags: NULLlast_img read more