Shell and Woodside in deal talks

12 April 2012

OIL and gas giant Royal Dutch/Shell, whose £3.6bn bid for control of Australia's Woodside Petroleum was blocked last year, is now negotiating a 'new alliance' with the company, in which it has a 34% stake.

Woodside chief executive John Akehurst confirmed they are talking-about a 'new agreement' that would 'create value for all shareholders and which meets Shell's aspirations'.

Analysts believe the idea is for a merged company, listed in London, Amsterdam and Sydney, with a clearly defined role for Woodside in the Asia Pacific.

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