BHP in talks to sell petroleum biz to Woodside
Anglo-Australian multinational BHP on August 16 said it is in talks to sell its petroleum business to Sydney-listed Woodside in exchange for shares.
BHP said that it had initiated a strategic review of its petroleum business and a number of options are being evaluated. “One option is a potential merger of the petroleum business with Woodside Petroleum and a distribution of Woodside shares to BHP shareholders. We confirm that we have been in discussions with Woodside,” it said.
“While discussions between the parties are currently progressing, no agreement has been reached on any such transaction,” BHP added.
Woodside in a separate statement confirmed it is in talks with BHP regarding a potential merger through a share distribution. BHP has assets in Australia, the Gulf of Mexico, Trinidad and Tobago, and Algeria.