Woodside shareholders have voted in favor of the merger with BHP Group's petroleum arm.
BHP and Woodside are working towards completion of the merger, which is scheduled for 1 June 2022. Subject to completion occurring, BHP is expected to receive 914,768,948 newly issued Woodside ordinary shares. BHP will shortly provide a further update on the proposed in specie dividend of the Woodside shares.
Completion of the merger will create a top 10 global independent oil and gas producer worth USD $40 billion.
Woodside previously stated that on completion of the transaction, BHP Petroleum’s oil and gas business would merge with Woodside, and Woodside would issue new shares to be distributed to BHP shareholders. It is expected that the expanded Woodside will be owned 52 per cent by existing Woodside shareholders and 48 per cent by BHP shareholders.
The merged group will have assets in Australia, the United States, Mexico, Senegal and Trinidad.
