Some investors have predicted the asset sales target will rise as it looks unambitious compared to BP's asset sales of around $50 billion. ![]() Like other oil majors, Shell is under pressure from investors to cut soaring costs and increase profit distribution via dividends and share buy-backs. So far, Shell has sold or put on the block around $12 billion of assets in Australia, Europe, Nigeria and North America. The sale, which came the week Woodside's stock hit a three-year high, had been expected this year after Shell Chief Executive Ben van Beurden took the helm in January, outlining plans to sell $15 billion of assets in 2014-15. ![]() That deal was ultimately blocked by the Australian government after Woodside argued that Shell may focus on offshore developments at the expense of Australian projects. The reduction in Shell's stake marks a milestone in a long retreat from a company that it had tried to take over in 2001. It removes the overhang and gets rid of a lazy balance sheet and they can get on with life," Pengana Capital portfolio manager Tim Schroeders said. As part of the deal, Woodside will buy back and cancel half the shares that Shell is selling, which Australia's top petroleum producer said would effectively boost its earnings per share by 6 percent. The selldown, which reduces Shell's holding to 4.5 percent from 23.1 percent, removes uncertainty that has weighed on Woodside's share price since Shell sold a third of its stake in 2010 and flagged it was not a long-term holder. The share disposal brings the Anglo-Dutch oil major closer to its goal of shedding $15 billion of assets as part of a drive to cut spending and streamline operations following a profit warning in late 2013. ![]() By Sonali Paul MELBOURNE (Reuters) - Royal Dutch Shell launched a long-anticipated sale of most of its stake in Australia's Woodside Petroleum Ltd on Tuesday, looking to reap about $5.7 billion as it moves to focus on developing its own gas assets in Australia.
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