PERTH (miningweekly.com) – Diversified miner BHP on Friday announced it would pay shareholders an in specie dividend in the form of Woodside Petroleum shares in connection with the merger of BHP’s oil and gas portfolio with Woodside.
The shareholders of Woodside on Thursday approved the merger, which would create the largest energy company listed on the ASX, with a global top 10 position in the liquefied natural gas (LNG) industry by production.
BHP said that the in specie dividend is scheduled to be paid on June 1, and will be fully franked.
BHP shareholders’ entitlement to, and the payment of, the in specie dividend is subject to completion of the merger.
BHP will receive more than 914.7-million Woodside ordinary shares as part of the merger. Eligible BHP shareholders will receive one newly issued Woodside share for every 5.5340 BHP shares they hold at the close of business on May 26. Holders of BHP American depositary shares (ADSs) will be entitled to receive one Woodside ADS for every 2.7670 BHP ADS they hold at the record date, with each Woodside ADS representing one Woodside share, subject to payment of taxes and applicable fees and expenses.
Following the merger approval, Woodside on Friday announced a change of the company’s name and ticker code.
The company would now be known as Woodside Energy Group, and will trade under the code WDS effective from May 25.