Woodside’s Buyback Deal With Shell at Risk of Being Blocked
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Woodside Petroleum Ltd.’s plan to buy back shares from Royal Dutch Shell Plc for $2.7 billion is at risk of being rejected by shareholders as it falls short of the votes needed to proceed.
About 71 percent of the proxy and direct votes cast back the proposal, compared with the 75 percent required, the Perth-based company said today in a statement. About 59 percent of those entitled to vote have done so, with a final outcome to be determined at a shareholder meeting tomorrow.