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Australia’s Woodside not looking to buy back Shell stake

MELBOURNE | Mon May 28, 2012 2:34am BST

(Reuters) – Woodside Petroleum (WPL.AX), Australia’s largest oil and gas company, said it is not considering buying back Royal Dutch Shell’s (RDSa.L) 24 percent stake in the company, despite a recent share price drop.

Chief Executive Peter Coleman said the company would consider share buybacks if it was considering returning capital to shareholders, but said Shell had not approached it to buy back the stake.

“I don’t see us specifically targeting Shell’s equity in that instance,” Coleman told analysts and investors at a briefing.

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