Australia’s BHP Group and Woodside Petroleum have signed their AUD$40bn petroleum merger deal, which will see Woodside acquire BHP’s petroleum assets in return for a 48% in the combined company.
Woodside will pay close to $20bn for the assets, and issue scrip to BHP which will be passed on to its own shareholders. The merger ratio is 52% of the combined group for Woodside and 48% for BHP’s shareholders.
In a separate announcement, the two companies said they had given the final go-ahead to spend $12bn on Scarborough and Pluto Train 2, a major liquefied natural gas (LNG) project.
