Update on BHP Petroleum and Woodside merger and share distribution information.
Today BHP and Woodside have published important information on the merger of their respective oil and gas portfolios.

BHP’s announcement contains important information relevant for BHP shareholders in respect of the merger, including details on the proposed in specie dividend of Woodside shares to BHP shareholders.

Main points include:

Completion of the Merger is on track and is targeted for 1 June 2022, subject to satisfaction of conditions precedent including approval by Woodside shareholders.
BHP is expected to receive 914.8 million newly issued Woodside Shares at completion and determine an in specie fully franked dividend of the Woodside Shares to BHP shareholders.
BHP shareholders are expected to be entitled to one Woodside Share for every 5.5340 BHP shares they hold on the record date.
Based on Woodside’s share price of US$25.55 at 6 April 2022, the implied value of BHP Petroleum is US$23.4 billion. At this valuation, which is subject to change, the in specie dividend per BHP share would be US$4.62, with US$1.98 of franking credits being distributed per BHP share (US$10.0 billion of franking credits in total).
Woodside will retain its primary listing on the ASX and is seeking a standard listing on the LSE and a sponsored Level III ADR program on the NYSE from completion of the Merger.
A share sale facility will be in place for small BHP shareholders who elect to participate and for shareholders who are ineligible to receive Woodside Shares.
https://www.bhp.com/news/media-centre/releases/2022/04/update-on-bhp-petroleum-and-woodside-merger-and-share-distribution-information