BHP Group and Woodside Petroleum have signed a binding share sale agreement (SSA) for the merger of BHP’s oil and gas portfolio with Woodside.
Woodside will acquire the entire share capital of BHP Petroleum International in exchange for new Woodside shares.
The signing of the SSA follows the merger commitment deed announced on 17 August 2021.
On completion, the Merger will create a global top 10 independent energy company by production and the largest energy company listed on the ASX.
The combined company will have a high margin oil portfolio, long life LNG assets and the financial resilience to help supply the energy needed for global growth and development over the energy transition.
BHP CEO Mike Henry said BHP’s petroleum business and Woodside are better together and will create value for BHP shareholders.
“Merging our petroleum business with Woodside creates a large, more resilient company, better able to navigate the energy transition and grow value while doing so,” he said.
“Through the merger we will provide value and choice for BHP shareholders, and unlock synergies in how these assets are managed.”