General – Merger
Woodside Petroleum’s shareholders today voted for a merger with BHP Group’s petroleum arm to create a top 10 global independent oil and gas producer worth $40 billion, according to a vote count at the company’s annual meeting.
Of the total final votes, 98.66% were in favour of the deal.
The merger, agreed last August, advances top global miner BHP’s effort to move away from fossil fuels, as it looks to decarbonise, while doubling Woodside’s oil and gas production and beefing up its funding for growth.
“The merger is an opportunity for Woodside to increase its contribution to the world’s growing energy needs and build the scale, resilience and diversity to thrive through the energy transition,” Chief Executive Officer Meg O’Neill told shareholders.
BHP will be paid in Woodside shares, giving BHP investors a 48% stake in the merged group, which will have assets in Australia, the United States, Mexico, Senegal and Trinidad.