By Ian Walker

Royal Dutch Shell PLC (RDSA.LN) said Monday that it is selling 71.6 million shares in Woodside Petroleum Ltd. (WPL.AU) for 31.10 Australian dollars ($23.78) a share, raising A$2.2 billion as it seeks to lower its debt mountain.

Shell said it is selling the shares to two investment banks and expects the deal to be completed on Tuesday.

Shell will own a 4.8% interest in Woodside after the sale, and it has agreed not to sell any more shares in the Australian oil company for at least 90 days thereafter.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

November 13, 2017 03:40 ET (08:40 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
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