WOPEY - BHP merges petroleum unit with Woodside ends London dual listing

BHP (NYSE:BHP) confirms it will merge its oil and gas business with Woodside Petroleum (OTCPK:WOPEF) in an all-stock deal, creating a top 10 independent oil and gas producer worth A$38.5B (US$28B). BHP shareholders will be paid in Woodside stock, giving them a 48% stake in the new merged company, which effectively values BHP's petroleum business at ~A$18.5B (US$13B). BHP also will end its dual listing in London 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 says. BHP's U.S.-listed shares are diverging in pre-market trading: BHP -5.8%, BBL +6.3%. For Woodside, "We will have more optionality in where we invest and can prioritize the highest return opportunities," CEO Meg O'Neill says. "The proposed transaction de-risks and supports Scarborough [final investment decision] later this year and enables more flexible capital allocation." The deal comes as

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BHP merges petroleum unit with Woodside, ends London dual listing