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?

    On 1 June 2022, BHP’s oil and gas portfolio merged with Woodside to create a global top 10 independent energy company by production and the largest energy company listed on the ASX. 

     

    The merger of BHP’s Petroleum assets with Woodside combines two great businesses that are better together.

     

    The combined business is expected to 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.

     

    At 1 June 2022, the merged business was owned approximately 52 per cent by existing Woodside shareholders and 48 per cent by existing BHP shareholders.

     
  • 2. Why did BHP merge its Petroleum business with Woodside?

    Merging BHP’s Petroleum business with Woodside is expected to create 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?

    The combined business is expected to 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 merger is expected to deliver substantial value creation for both sets of shareholders 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 merger positions the combined company to deliver the best shareholder and societal outcomes during the energy transition.

  • 4. What were the key terms of the merger?

    Woodside acquired BHP’s Petroleum portfolio in exchange for new Woodside shares (via a binding share sale agreement). BHP received 914,768,948 Woodside shares as consideration for the sale of BHP Petroleum on 1 June 2022. Eligible BHP shareholders received one Woodside share for every 5.5340 BHP shares they held on 26 May 2022. These shares were distributed as an in specie dividend on 1 June 2022. At 1 June 2022, ownership of the merged business was approximately 52 per cent owned by existing Woodside shareholders and 48 per cent by BHP shareholders.
  • 5. What is the value of the transaction for BHP shareholders? 

    The merger provides value and choice for BHP shareholders. Since the announcement on 17 August 2021, the value of the transaction has grown. Woodside’s share price has risen from US$15.16 on 17 August 2021 to US$21.39 on 31 May 2022, following stronger oil and gas prices while both businesses have been performing well operationally. BHP shareholders share these benefits with Woodside shareholders.

     

    Based on Woodside’s share price of US$21.39 at 31 May 2022, the implied value of BHP Petroleum is US$19.6 billion. At this valuation, an in specie dividend per BHP share was calculated as US$3.86, with US$1.66 of franking credits being distributed per BHP share.

  • 6. What’s an in specie dividend?  

    This terminology refers to a dividend which is paid by way of assets (in this case, Woodside shares), instead of cash.

  • 7. When will BHP shareholders receive their Woodside shares? 

    On 1 June 2022, BHP received 914,768,948 Woodside shares as consideration for the sale of BHP Petroleum. BHP determined a fully franked in specie dividend and distributed the Woodside shares on 1 June 2022. Further detail is available in the announcement.

  • 8. Are there tax implications for BHP shareholders on receipt of Woodside shares?

    With the merger complete, eligible BHP shareholders have received a dividend (in the form of Woodside shares as an in specie fully franked dividend). Like with all dividends, BHP shareholders will be subject to a taxing event when they receive these shares. 

     

    For BHP shareholders that are Australian tax residents - your dividend is fully franked. The dividend of approximately A$5.38 (per BHP share) grossed up for franking credits of approximately A$2.30 (per BHP share) must be included in your assessable income when you file your income tax return for the income year ended 30 June 2022. The franking credits can generally be used to offset any tax payable on the dividend. Top up tax may arise for shareholders where the tax payable in relation to the dividend exceeds the franking credits attached. Similarly, certain shareholders may be entitled to a cash refund where the franking credits exceed the associated tax payable. 

     

    Following the merger, Australian shareholders will have A$29.76 tax cost base for every Woodside share received. There will be no impact to the existing tax cost base of BHP shares for Australian shareholders as a result of the merger. 

     

    For BHP shareholders that are not Australian tax residents, Australian withholding tax will not apply to the dividend. You should always obtain appropriate professional advice relevant to your circumstances. BHP dividend statements and Woodside holding statements are expected to be despatched in mid-June 2022. 
    Detailed information on tax, for jurisdictions such as Australia, the US, UK and South Africa, is available in the exchange release, Update on BHP Petroleum and Woodside merger and share distribution information, lodged with the market on 8 April 2022. 

  • 9. How many Woodside shares will shareholders receive?

    BHP shareholder will receive one Woodside share for every 5.5340 BHP shares they own, with any entitlement to a fraction of a share rounded down to the nearest whole share (for ASX and JSE shareholders). 

     

    BHP dividend statements and Woodside holding statements are expected to be despatched in mid-June 2022. 

  • 10. When can BHP shareholders start trading their Woodside share entitlement from the merger?

    Woodside retains its primary listing on the Australian Securities Exchange (ASX) and will have a standard listing on the London Stock Exchange (LSE) and a sponsored Level III American Depository Receipt (ADR) program on the New York Stock Exchange (NYSE).

     

    Normal trading of the new Woodside shares, American Depository Receipts or Depository Interests for BHP Shareholders will commence at different times and dates, depending on which exchange you hold your BHP (and therefore, your Woodside) shares. Normal trading will commence at market open in the corresponding time zones: on 2 June for the ASX and NYSE; and on 6 June for the LSE. 

     
  • 11. What happens to the Woodside shares allocated to BHP shareholders assessed as ineligible? 

    Most BHP shareholders were eligible to have the Woodside shares distributed to them. 

     

    However, there are certain jurisdictions where the distribution of Woodside shares by BHP is difficult or not permitted. 

     

    If you were deemed ineligible to receive Woodside shares, your entitlement of shares has been transferred to the sale agent to be sold on your behalf, and you will be remitted with the cash proceeds under a share sale facility.  

  • 12. When will sale proceeds from the Share Sale Facility be paid?
    For shareholders that are ineligible overseas shareholders and small BHP shareholders that have validly elected to participate in the sale facility, the in specie dividend entitlement has been transferred to the sale agent to be sold. The sale proceeds may take up to 12 weeks, from 1 June 2022, to be remitted to BHP shareholders.  
  • 13. Where can I find historical BHP share price information?
    Historical share prices are available on the Shareholder online services page.