Why shareholders will scuttle Woodside's Shell game

Woodside's buyback of Shell's residual shareholding looks likely to fail, providing its opponents with an opportunity to force Woodside into an 'equal access' buyback for all shareholders.

With almost 60 per cent of those entitled to vote having lodged their proxies, 71.3 per cent of the votes are in favour of the buyback but 28.7 per cent are against. The proposal needs a 75 per cent majority of the votes cast to be approved.

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