Woodside Petroleum To Acquire BHP Petroleum International

(RTTNews) - BHP Group (BHP.AX, BLT.L, BBL, BHP) and Woodside Petroleum Ltd (WOPEF.PK, WOPEY.PK, WPL.AX) said that they have signed a binding share sale agreement for the merger of BHP's oil and gas portfolio with Woodside. Woodside will acquire the entire share capital of BHP Petroleum International Pty Ltd in exchange for new Woodside shares.

On completion of the Merger, Woodside will issue new shares expected to comprise about 48% of all Woodside shares as consideration for the acquisition of BHP Petroleum. The new Woodside shares will be distributed to BHP shareholders as an in-specie fully franked dividend.

Completion is targeted for the second quarter of the 2022 calendar year. In addition, BHP and Woodside are actively seeking necessary third-party consents resulting from the Merger and are working to secure these consents prior to Woodside shareholders voting to approve the Merger.