BHP weighs options of a potential merger with Woodside Petroleum
Woodside Petroleum is reportedly in advanced talks to buy BHP Group’s petroleum division for about A$20 billion ($14.7 billion), the Australian Financial Review reported on Sunday.
BHP has said it is reviewing the future of its petroleum business and is in talks over a merger for the arm with Woodside Petroleum and told shareholders that it has started a strategic review to reassess the position of the petroleum business within its portfolio.
In a reported statement, BHP said: “We confirm that we have been in discussions with Woodside. While discussions between the parties are currently progressing, no agreement has been reached on any such transaction. A further announcement will be made as and when appropriate, a number of options are being evaluated”, including a potential merger with Woodside Petroleum.
Woodside Petroleum further stated today;
Woodside notes recent speculation regarding a potential transaction between Woodside and BHP Petroleum. Woodside continuously reviews the composition of its asset portfolio and opportunities to create and deliver value for shareholders. Woodside is engaged in discussions with BHP regarding a potential merger involving BHP’s entire petroleum business through a distribution of Woodside shares to BHP shareholders.
These discussions are ongoing. Woodside will continue to update the market in accordance with its continuous disclosure obligations.
Information Source: Media ..–>
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