Woodside and BHP formalise merger agreement

The acquisition gives the company an expansive geographic reach with production from Western Australia, Australia’s east coast, the US Gulf of Mexico, and Trinidad and Tobago with approximately 94% of production from OECD nations.

A Woodside shareholder meeting to approve the merger is also targeted for Q2 2022 and the board of directors intend to appoint a current BHP director as a Woodside director on completion.

Merger completion is targeted for Q2 2022, prior to which both companies will carry on their respective businesses in the normal course and will put in place appropriate plans to enable a smooth transition of ownership. The effective date of the merger will be 1 July 2021.

Woodside will retain its primary listing on the Australian Securities Exchange and is currently pursuing a secondary listing on the New York Stock Exchange (NYSE) through an American depository receipt arrangement, with a target of being active by completion. The NYSE listing would provide increased access to international equity and debt markets. Additional secondary listings are being evaluated.

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