Woodside liquefied natural gas platform in the Timor Sea Source: The Australian
Matt Chambers April 11, 2011
ROYAL Dutch Shell is playing hardball on a possible sale of its 24 per cent stake in Woodside Petroleum to BHP Billiton, its local chief declaring yesterday that Shell was in “no hurry” to do a deal.
Speaking on the sidelines of a conference in Perth last night and ahead of this week’s annual Australian Petroleum Production & Exploration Association meeting, Shell Australia chair Ann Pickard moved to hose down reports out of London at the weekend that a sale of its stake in the Perth-based oil and gas company was imminent.
“There are no commercial discussions,” Ms Pickard said, choosing her words carefully. “I’m not in a hurry to do anything. Woodside is a great company.” She declined to elaborate on whether any discussions had already taken place.
Her comments come amid speculation that BHP, the world’s largest miner, is preparing to launch Australia’s biggest ever takeover bid for Woodside.
It came as Ms Pickard shared a stage in a curtain-raiser to the APPEA conference with Woodside chief executive Don Voelte. Mr Voelte said last night he was not aware of any talks. “If I knew anything I would have to tell the (Australian Securities) exchange.”
Reports yesterday from London — where Shell is jointly headquartered — indicated a $46.5 billion tilt for Woodside was could be imminent. London’s Sunday Times reported that BHP was “holding detailed talks” with Royal Dutch Shell.
The speculation of a deal has been running for some weeks, but the stellar run on Woodside’s shares on the back of the speculation could have stymied a move on the company.
Woodside’s share price has jumped 14 per cent to $47.26 in the past 10 days and many petroleum analysts believe the company may now be too expensive.
But in a sign that BHP might try to structure a deal differently, The Sunday Times reported that Shell would give BHP its 24 per cent Woodside stake and in return receive some of the Australian company’s best assets, including the giant Sunrise gasfield.
Once BHP has agreed the deal with Shell, it would launch a full takeover offer for Woodside. UBS is advising Shell on its options.
The deal would be the largest corporate transaction in Australia’s history.
At the speculated price, the bid would be worth twice as much as the current largest deal — the $21.9bn takeover of Coles by Wesfarmers in 2007.
A move on Woodside would mark a significant strategic switch for BHP, which has a cash pile of $16bn built up in the commodities boom that has taken the price of iron ore, copper and oil to record levels. While it already has oil and gas assets, they are small compared with the mining operations.
Both BHP and Woodside refused to comment yesterday on the strengthening speculation.
It would also represent a bold return to the deal-making fray by the group, led by chief executive Marius Kloppers and chairman Jac Nasser. It has attempted three big takeovers in recent years, and failed each time. The most recent came last year, when Canadian regulators blocked a $40bn bid for Potash Corporation of Saskatchewan on the grounds that it was against the national interest.
It is understood that BHP has already taken political soundings on the deal, with private talks with WA Premier Colin Barnett and the federal government.
The response from Mr Barnett is thought to have been negative, while Canberra has given little indication on its stance.
ADDITIONAL REPORTING: THE SUNDAY TIMES
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.
