petroleum, oil rig, sea

Fusión de Petróleo de BHP con Woodside

Estamos fusionando el negocio de Petróleo de BHP con Woodside para crear una de las 10 principales compañías energéticas independientes del mundo según su producción.

Se espera que la fusión de los activos de Petróleo de BHP con Woodside desbloquee sinergias, cree opciones a gran escala y de alto rendimiento a través de la transición energética, y ofrezca valor y opciones a los accionistas de BHP.

BHP y Woodside han firmado un contrato vinculante para fusionar el portafolio de petróleo y gas de BHP con Woodside para así crear una de las 10 principales compañías de energía independientes del mundo según su producción y la mayor compañía energética que cotiza en el Mercado de Valores de Australia (ASX).

Una vez que finalice, la fusión de los activos de Petróleo de BHP con Woodside combinará dos grandes empresas que son mejores juntas.

La combinación de empresas contará con un portafolio de petróleo de alto margen, activos de GNL de larga duración y capacidad financiera para ayudar a abastecer la energía necesaria para el crecimiento y el desarrollo global durante la transición energética.

Se espera que la fusión propuesta suponga una importante creación de valor para ambos grupos de accionistas en una serie de áreas, que incluyen:

  • Mayor alcance y diversidad de geografías, productos y mercados finales
  • Flujos de efectivo operativos estables y de alto margen para optimizar la rentabilidad de los accionistas y apoyar la transición energética  
  • Sólido perfil de crecimiento y capacidad para organizar las opciones más competitivas y de mayor rentabilidad  
  • Capacidad técnica y de gestión comprobada de ambas compañías
  • Valores compartidos y enfoque en las operaciones sostenibles, la gestión del carbono y el liderazgo en las áreas de ESG.
  • Sinergias estimadas en más de 400 millones de dólares estadounidenses al año
  • Mayor capacidad financiera, en relación con los negocios de Petróleo independientes de BHP y Woodside

El petróleo y el gas proporcionan hoy más de la mitad de la energía primaria del mundo. Son esenciales para los procesos y productos que sustentan la vida cotidiana. Se espera que los activos y proyectos de alta calidad sigan generando rendimientos atractivos durante al menos la próxima década. Se espera que la empresa combinada sea más capaz de financiar inversiones que apoyen la transición energética que dos conjuntos de activos más pequeños y separados. La fusión permitirá que la compañía combinada obtenga mejores resultados para los accionistas y la sociedad durante la transición energética.

La fusión propuesta también dará a los accionistas una mayor posibilidad de elegir cómo ponderar su exposición a las diferentes propuestas de inversión y sector.

Detalles de la fusión

BHP y Woodside han firmado un contrato de venta de acciones vinculante por el que Woodside adquirirá el portafolio de Petróleo de BHP a cambio de nuevas acciones de Woodside.

Los puntos claves incluyen:

  • Proporción de la fusión: una vez finalizada, la empresa fusionada contará con una participación de los actuales accionistas de Woodside del 52 % y de los accionistas de BHP del 48 %.
  • Distribución de acciones: una vez finalizada la fusión, las nuevas acciones de Woodside (que se espera que representen aproximadamente el 48 % de todas las acciones de Woodside emitidas) se distribuirán entre los accionistas de BHP. Las nuevas acciones de Woodside se distribuirán a los accionistas de BHP como una especie de dividendo con franquicia completa (para más información, véase Preguntas frecuentes).
  • Cronograma: la finalización está prevista para el segundo trimestre del año calendario 2022. La fecha de efectividad de la fusión será el 1 de julio de 2021. Antes de la finalización, BHP y Woodside mantendrán en marcha sus respectivos negocios con normalidad e implementarán los planes adecuados para permitir una transición de titularidad fluida.
  • Proceso y aprobaciones: la finalización de la fusión está sujeta a la aprobación de determinadas autoridades reguladoras y de competencia, a la aprobación de los accionistas de Woodside y al cumplimiento de otras condiciones habituales en una transacción de esta naturaleza.
  • Cotización de Woodside: Woodside mantendrá su cotización principal en la Bolsa de Valores de Australia (ASX). Actualmente, Woodside está intentando cotizar en la Bolsa de Nueva York (NYSE) mediante un acuerdo de recibos de depósito americano (American depository receipt, ADR), con el objetivo de estar activa antes de la finalización. Se están evaluando otras cotizaciones secundarias.

Preguntas frecuentes

  • 1. What is happening with the BHP petroleum business and Woodside merger?

    BHP and Woodside have signed a binding agreement to merge BHP’s oil and gas portfolio with Woodside to create a global top 10 independent energy company by production and the largest energy company listed on the ASX. 


    On completion, the merger of BHP’s Petroleum assets with Woodside will combine two great businesses that are better together.


    The combined business will have a high margin oil portfolio, long life LNG assets and the financial resilience to help supply the energy needed for global growth and development over the energy transition.


    Completion is targeted for the second quarter of the 2022 calendar year. On completion, the merged business will be owned approximately 52 per cent by existing Woodside shareholders and 48 per cent by BHP shareholders.


    Completion of the merger is subject to approval by certain regulatory and competition authorities, approval by Woodside shareholders and other conditions customary for a transaction of this nature.

     
  • 2. Why is BHP merging its petroleum business with Woodside?

    Merging BHP’s petroleum business with Woodside creates a large, more resilient company, better able to navigate the energy transition and grow value while doing so. The merger will enable value and choice for BHP shareholders, and unlock synergies in how these assets are managed.

  • 3. What are the benefits of the merger?

    On completion, the merger of BHP’s Petroleum assets with Woodside will combine two great businesses that are better together.

    The combined business will have a high margin oil portfolio, long life LNG assets and the financial resilience to help supply the energy needed for global growth and development over the energy transition.

    The proposed merger is expected to deliver substantial value creation for both sets of shareholders from across a range of areas including: 

    • Greater scale and diversity of geographies, products and end markets 
    • Resilient, high margin operating cash flows to fund shareholder returns and support the energy transition 
    • Strong growth profile and capacity to phase the most competitive, high-return options 
    • Proven management and technical capability from both companies 
    • Shared values and focus on sustainable operations, carbon management and ESG leadership 
    • Estimated synergies of more than US$400 million per annum 
    • Greater financial resilience, relative to BHP’s and Woodside’s standalone petroleum businesses
       

    Oil and gas provide more than half of the world’s primary energy today. They remain essential to the processes and products that support everyday life. High-quality assets and projects are expected to continue to generate attractive returns for the next decade. The combined business is expected to be better able to fund investments that support the energy transition than two smaller, separate sets of assets. The proposed merger positions the combined company to deliver the best shareholder and societal outcomes during the energy transition.

  • 4. How will the merger work? What are the key terms?

    BHP and Woodside have signed a binding share sale agreement that will see Woodside acquire BHP’s petroleum portfolio in exchange for new Woodside shares.


    Key points include:

    • Merger ratio – on completion, the merged business will be owned approximately 52 per cent by existing Woodside shareholders and 48 per cent by BHP shareholders.
    • Distributing shares – on completion, new Woodside shares (expected to comprise approximately 48% of all Woodside shares post issue) will be distributed to BHP shareholders. The new Woodside shares will be distributed to BHP shareholders as an in-specie fully franked dividend (see Q&A for more information).
    • Timing – completion is targeted for the second quarter of the 2022 calendar year. The effective date of the merger will be 1 July 2021. Prior to completion, BHP and Woodside will carry on their respective businesses in the normal course and will develop appropriate plans to enable a smooth transition of ownership.
    • Process and approvals – completion of the merger is subject to approval by certain regulatory and competition authorities, approval by Woodside shareholders and completion of other conditions customary for a transaction of this nature.
    • Woodside listings - Woodside will retain its primary listing on the Australian Securities Exchange (ASX). Woodside is currently pursuing a secondary listing on the New York Stock Exchange (NYSE) through an American depository receipt (ADR) arrangement, with a target of being active by completion. Additional secondary listings are being evaluated.
     
  • 5. Will Woodside shares be issued to BHP shareholders once the merger is complete?

    Yes, on completion of the merger, new Woodside shares (expected to comprise approximately 48% of all Woodside shares post issue) will be distributed to BHP shareholders. The shares will be distributed as an in-specie fully franked dividend. 

  • 6. What’s an in specie fully franked dividend?

    It is expected the new Woodside shares will be distributed to BHP shareholders as an 'in-specie fully franked dividend'. This terminology refers to a dividend which is paid by way of assets (in this case, Woodside shares), instead of cash. 

  • 7. Will there be any tax implications for BHP shareholders when they receive Woodside shares?

    On completion of the merger, BHP shareholders will receive a dividend (in the form of Woodside shares as an in-specie fully franked dividend – see above explanation).

    Like with all dividends, BHP shareholders will be subject to a taxing event when they receive the Woodside shares.


    For BHP shareholders who are Australian tax residents
    - the dividend (Woodside shares) grossed up for franking credits must be included in your assessable income.

    The franking credits can be used to offset any tax payable on the dividend. 


    For BHP shareholders who are non-Australian
    - the dividend (Woodside shares) will not be subject to Australian withholding tax. 

    Demerger relief will not be available for BHP or BHP shareholders. You should always obtain appropriate professional advice relevant to your circumstances.

     
  • 8. What’s the anticipated timing?

    Completion of the merger is targeted for the second quarter of the 2022 calendar year. 

  • 9. What’s the process from here?  

    Completion of the merger is subject to approval by certain regulatory and competition authorities, approval by Woodside shareholders and other conditions customary for a transaction of this nature.

  • 10. Will there be a BHP shareholder vote for the merger?

    A BHP shareholder vote is not required in Australia or in the UK.  However, the ASX Listing Rules require Woodside to carry out a shareholder vote due to the number of shares that it is issuing. 

     

    We believe the petroleum Woodside merger is in the best interests of BHP's shareholders and is expected to deliver substantial value creation.

     

    BHP continues to seek feedback from shareholders on our Petroleum merger with Woodside in forums such as the AGM, shareholder Q&A sessions and other engagements.

     
  • 11. Did BHP assess other options for its petroleum business?

    We considered options for separation of our Petroleum business and are confident that the combined business created by the merger will provide greater value to BHP shareholders than other options.

     

    An alternative option carefully considered by the Board was to implement a demerger through a distribution to shareholders of shares in a newly listed entity. However, while a demerger would be expected to result in a strong and financially viable stand-alone entity, the Board determined that the merger was the best alternative for shareholders.