Woodside in defence mode as Shell sells down

Australia’s biggest independent oil and gas company Woodside Petroleum is in takeover defence mode after long-time shareholder and technical adviser Shell offloaded a 10 per cent stake for $3.3 billion.
The sale will leave Shell with a 24.27 per cent Woodside stake but has signalled that Shell is an eventual seller of the rest of its stake, with BHP Billiton a candidate following its inability to secure Canadian government approval last week for its $40 billion hostile takeover bid for crop nutrient producer Potash Corp.
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Source: The Sydney Morning Herald