Woodside Petroleum Ltd’s Merger with BHP Petroleum

King & Wood Mallesons and Vinson & Elkins advised Woodside Petroleum Ltd on the deal.

Woodside Petroleum Ltd (WPL.AX) have entered into a Merger Commitment Deed with the oil & gas business of BHP Group Limited (BHP.AX), which would create the largest energy company listed on the Australian Securities Exchange, with an anticipated market capitalisation in excess of A$40 billion.

The merger would see the entities combine their respective oil and gas portfolios by an all-stock merger, and on completion will see existing Woodside shareholders and BHP shareholders owning the combined business on a 52%/48% basis respectively.

The proposed merger is subject to the finalisation of definitive documents and various approvals and conditions, with implementation targeted for Q2 2022.

Woodside Petroleum Ltd is the pioneer of the LNG industry in Australia and the largest Australian natural gas producer.

BHP Petroleum has owned oil and gas assets since the 1960s.

The KWM team was led by M&A partners Heath Lewis (Picture) and David Friedlander and Projects partner Alan Murray, supported by a cross-speciality team including special counsel Amanda Isouard, and senior associates Caitlin Sharp, Ben Bradstreet and Caroline Andretich.

The Vinson & Elkins team was led by partner Kaam Sahely.

Involved fees earner: Caroline Andretich – King & Wood Mallesons; Ben Bradstreet – King & Wood Mallesons; David Friedlander – King & Wood Mallesons; Amanda Isouard – King & Wood Mallesons; Heath Lewis – King & Wood Mallesons; Alan Murray – King & Wood Mallesons; Caitlin Sharp – King & Wood Mallesons; Kaam Sahely – Vinson & Elkins LLP;

Law Firms: King & Wood Mallesons; Vinson & Elkins LLP;

Clients: Woodside Petroleum Ltd.;

Sonia Carcano

Author: Sonia Carcano