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BHP Group Ltd on Wednesday confirmed it had formally completed the all-share merger of its petroleum business with Woodside Petroleum Ltd, the Perth, Australia-based oil and gas company.
The London- and Melbourne-based mining firm said it had paid the in specie dividend and distributed Woodside shares on Wednesday.
The implied value of the in specie dividend was A$27.2 billion, or $19.6 billion). At this valuation, the dividend is about A$5.38. Woodside shares closed at A$29.76 on the Australian Securities Exchange on Tuesday, prior to the distribution.
The merger creates one of the 10 largest independent energy producers in the world. Woodside shareholders will hold 52% of the new company, while 48% will be held by BHP shareholders.
The all-stock merger was first announced back in August. The two companies formally entered a share sale agreement for the merger of their oil and gas portfolios on November 22.
BHP shareholders received one newly issued Woodside share for every 5.5 BHP shares they held, amounting to 914.8 million Woodside shares.
The holders of BHP American depositary shares got one Woodside ADS for every 2.7 BHP ADS they hold.
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