11/12/2007
We Don’t Consider Shell a Seller of its 34% Equity in Woodside — Shell doesn’t need cash, it wants reserves which are currently difficult to obtain through exploration. Selling or diluting its equity position in Woodside doesn’t achieve this objective; it simply creates a stronger competitor and removes its strategic LNG holding, a recognised core focus area for Shell. We maintain our Sell Medium Risk rating on WPL and target price of $46.20/share.
LNG is Material to Shell — Shell currently has the largest LNG capacity of any nongovernment company and Woodside, particularly with its project potential, will be considered an important part of the portfolio. Woodside provides Shell with Operating expertise – that it surprisingly has no direct exposure to.
Dilution Lessens Control — Shell currently has three board positions. Any equity dilution may reduce this allocation, lessening the influence it has over the company and consequently weakening Woodside’s strategic value.
Conclusion — No value proposition for Shell in diluting its LNG exposure. Shell not a seller of Woodside in our view..
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
