Owing to "strong demand from institutional investors", the Anglo-Dutch energy group said it had offloaded the entirety of its 13.28-percent stake, just hours after it announced that it had chose to sell 8.5 percent of Woodside.
Several hours later, the Anglo-Dutch company said in another statement that "following strong demand from institutional investors", SEHAL upsized its sale to 111.8 million shares worth a total of $2.7 billion before tax proceeds.
The sale of the shares, which represent 13.28% of the issued capital of Woodside, is expected to be complete on November 14.
Watching some historical volatility numbers on shares of Woodside Petroleum Ltd (ASX:WPL), we can see that the 12 month volatility is presently 16.3779. "Proceeds from the sale will contribute to reducing our net debt".
Shell was originally planning to offload a $2.2 billion stake in Woodside to a pair of investment banks.
In June 2014, Shell sold another 9.5 percent of Woodside's issued shares, dropping its interest to 13.28 percent after again opting out of the dividend reinvestment scheme.
Shell decided that due its reduced holding it was no longer having any significant influence over Woodside and changed its stake from an associate holding to an investment.
The two companies have an extensive history, including Shell's blocked $10 billion takeover attempt for Woodside in 2001.