BHP - Woodside expert report says merger with BHP's oil business in best interests

The proposed merger of BHP's (NYSE:BHP) oil and gas portfolio with Woodside Petroleum (OTCPK:WOPEY) (OTCPK:WOPEF) is in the best interests of Woodside shareholders in the absence of a superior proposal, according to the findings of an independent expert's report issued to shareholders on Friday. Accounting firm KPMG said its assessment found the combined company would have an underlying value of A$37.2B-.3B, or A$26.25-A$29.81/share, which was equal to or greater than its valuation of Woodside's current per share value. "BHP Petroleum's asset base provides Woodside with immediate access to significant development and growth opportunities, within a time frame that is unlikely to otherwise have been available to Woodside as a standalone entity," KPMG said. Woodside said it expects to achieve its target of more than $400M in cost savings from combining the two groups by early 2024. The two companies announced a deal last November to combine their respective oil and gas

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Woodside expert report says merger with BHP's oil business in best interests