Woodside shareholders approve merger with BHP
Woodside shareholders on May 19 voted to approve the proposed merger with the petroleum business of BHP Group at the company’s annual general meeting.
Australia’s biggest gas producer said that 98.66% of the votes submitted were in favour of the merger. All conditions precedent necessary to implement the merger that require a positive action or event in order to be satisfied have now been satisfied or waived.
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Woodside expects completion of the merger to occur on June 1, 2022. The new Woodside shares to be issued to or for the benefit of BHP shareholders are expected to start trading on the Australian Securities Exchange (ASX) on June 2. Trading of Woodside American Depositary Shares on the New York Stock Exchange is expected to commence on June 2 as well. Trading of Woodside shares on the main market for listed securities of the London Stock Exchange is expected to commence on June 6.
The combined entity will be among the top 10 independent energy companies. The tie-up is expected to create $400mn/yr in synergies through corporate processes and systems, combining capabilities and improving capital efficiency. The merger was announced in August this year and a binding agreement was signed in November. The merged entity will be owned 52% by existing Woodside shareholders and 48% by existing BHP shareholders.
Meanwhile, Woodside has agreed to change its name from Woodside Petroleum to Woodside Energy Group.