On Thursday, ahead of its general meeting to vote on the deal, Woodside said preliminary votes showed that roughly 71.3% of votes cast so far were in favour of the deal and 28.7% against. For the deal to proceed, the resolution requires that a 75% majority of votes are cast in favour of the buy-back.
Woodside said that roughly 59% of those entitled to vote have already done so, but the final outcome will be decided on Friday.
Shell, which was Woodside's largest shareholder with a 23.1% stake in June, noted when it announced the planned sell-down to equity market investors that it would reduce its holding to below 5%.
As part of the deal, Woodside would buy-back 78.27 million of its shares from Shell's subsidiary,
Shell's world-wide LNG equity liquefaction capacity is 26.1 million tonnes per annum, or mtpa, with interests in eleven LNG plants. The company's transactions would reduce its equity liquefaction capacity to 24.9 mtpa after completion of the share buy-back.
Shell noted in June that
At the time, Woodside's board of directors recommended that shareholders vote in favour of the selective buyback, subject to an independent expert's conclusion of a fair and reasonable deal to shareholders.
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