TOP NEWS: BHP shareholders back miner's unifications plans

(Alliance News) - BHP Group PLC on Thursday said shareholders backed its planned unification ...

Alliance News 20 January, 2022 | 4:51PM
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(Alliance News) - BHP Group PLC on Thursday said shareholders backed its planned unification under its Australian parent company, edging the miner ever closer to exiting the FTSE 100.

Roughly 98% of voters backed the unification plans, BHP said. In December, BHP said it received regulatory and competition approvals for the unification.

Back in August, BHP announced plans to unify its corporate structure under its Australian parent company. The changes move its primary listing to Sydney's Australian Securities Exchange. The move will see one of the largest components in the FTSE 100 leave the index, as London will no longer be its primary listing.

BHP also will keep a secondary listing in Johannesburg and have American Depositary Shares traded in New York.

The unification plan followed an agreement by BHP to merge its oil and gas portfolio with Sydney-listed Woodside Petroleum Ltd.

The oil and gas unit's tie-up with Perth, Australia-based Woodside will create one of the 10 largest independent energy producers in the world.

Terms for the merger, which will see Woodside absorb BHP's oil and gas assets, were agreed in November. The all-stock deal will see Woodside shareholders have 52% of the new company and BHP shareholders 48%.

BHP shares closed 0.5% higher at 2,486.38 pence each in London on Thursday. The stock fell 0.4% to ZAR515.40 in Johannesburg.

By Eric Cunha;

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