Woodside shareholders OK merger with BHP’s unit

Australian LNG player Woodside said on Thursday its shareholders have approved the planned merger with BHP’s oil and gas business.

“Today is a momentous day for our company. Our shareholders have voted to approve the proposed merger with BHP’s petroleum business at our annual general meeting,” Woodside said in a social media post.

“This is an important step towards implementation of the merger, targeted for June 1,” it said.

Woodside revealed in November it had signed a binding merger agreement with BHP’s petroleum business. On the same day, it also took a final investment decision on the Scarborough and Pluto LNG Train 2 developments worth about $12 billion.

After that, the firm said it would appoint at least four BHP executives to the leadership team of the merged company.

The merger would create a top 10 global LNG producer worth about $40 billion and transform Woodside by doubling production, diversifying the portfolio and offering multiple growth opportunities, the firm previously said.

On completion of the merger, Woodside will issue new shares expected to comprise about 48 percent of all Woodside shares on a post-issue basis as consideration for the acquisition of BHP Petroleum.

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