Woodside's non-Shell shareholders have nothing to lose

If Woodside's proposed buyback of Shell's residual shareholding is rejected, it would be a costly setback for Shell and a small embarrassment for Woodside directors, but there will be few implications for non-Shell shareholders.

If Woodside shareholders vote down the proposed $US2.7 billion buyback of Shell's residual shareholding, their directors may not be pleased. However, they shouldn’t be devastated.

A queue of institutional shareholders and proxy advisers have lined up in opposition to the proposed buyback of Shell’s remaining 9.5 per cent of Woodside, motivated by a mixture of principle, opportunism and self-interest.


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