UK court sanctions BHP unification
UK court has approved the unification of Anglo-Australian multinational BHP, the company said on January 26. The proposal was greenlit by BHP shareholders on January 20.
BHP has been operating under a dual-listed company corporate structure since 2001 when it merged with Billiton. The dual-listed company structure comprises two parent companies; BHP Group Limited in Australia and BHP Group Plc in the UK, with separate stock exchange listings.
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The Plc Scheme will become effective on January 28 when the UK court order is expected to be delivered to the UK Registrar of Companies. The unification process is expected to be officially complete by January 31. Post that, BHP Group Limited will become the sole parent company of the BHP Group.
The company last month said unification would enable it to undertake certain transactions more simply and efficiently than it can under the dual-listed company structure. Recently, the Australian watchdog approved Woodside’s proposed acquisition of BHP's oil and gas business.