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Woodside and BHP formalise merger agreement
Woodside Petroleum and BHP Group have signed off on the merger agreement that will see BHP’s oil and gas portfolio merge with Woodside
The share sale agreement was signed after the merger commitment deed announced in August. The all-stock merger is expected to create one of the 10 largest independent oil and gas producers and the largest energy company listed on the Australian stock exchange, with assets worth US$28Bn.
BHP Petroleum will transfer to Woodside on a cash and debt-free basis, based on the balance sheet at the effective date, subject to certain exclusions including legacy assets and liabilities that will remain with BHP. BHP has agreed to exclusivity arrangements with Woodside.
Woodside will issue new shares to BHP shareholders while Woodside shareholders will own 52% of the expanded company. Woodside chief executive Meg O’Neill said, “We will have the balance sheet, cash flow and financial strength to help fund planned developments in the near-term, invest in future energy opportunities and return value to our shareholders through the cycle.”
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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