BHP, the world’s biggest mining company by market value, is to combine its oil-and-gas business with Australia’s Woodside Petroleum in an all-stock deal
with Australia’s Woodside Petroleum Ltd. in an all-stock deal, adding that it would end its dual listing in London.
The miner said its shareholders will own 48% of the expanded Woodside, which will become one of the world’s 10 largest producers of liquefied natural gas. Combining the businesses is forecast to generate more than $400 million in annual savings, the companies said in a joint statement. The miner said Tuesday it would end its dual listing to unify under its existing Australian parent. Holders of its PLC stock in London will be given Australian Ltd stock on a one-for-one basis, the company said.
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