Shareholders of the Australian Woodside Petroleum voted to move forward with a merger with the BHP’s Petroleum business, BHP said in a note.
Woodside said 98.66% of the votes submitted favoured the merged.
“All conditions precedent necessary to implement the Merger that require a positive action or event in order to be satisfied have now been satisfied or waived.” Woodside explained.
The two companies expect to close the merger on June 1.
Subject to completion occurring, BHP is expected to receive 914,768,948 newly issued Woodside ordinary shares.
It is expected that the expanded Woodside will be owned 52% by existing Woodside shareholders and 48% by BHP shareholders.
When he announced the proposed merger in November, Woodside’s chief executive officer, Meg O’Neill said, “Woodside and BHP’s respective oil and gas portfolios and experienced teams are better together. The combination will deliver the increased scale, diversity and resilience to better navigate the energy transition.”
The Energy Chamber of Trinidad and Tobago said the merger will create a top 10 global independent oil and gas producer worth US$40 billion, with assets in Australia, the United States, Mexico, Senegal and Trinidad.