BHP in talks to sell petroleum biz to Woodside
Anglo-Australian multinational BHP on August 16 said it is in talks to sell its petroleum business to Sydney-listed Woodside in exchange for shares.
BHP said that it had initiated a strategic review of its petroleum business and a number of options are being evaluated. “One option is a potential merger of the petroleum business with Woodside Petroleum and a distribution of Woodside shares to BHP shareholders. We confirm that we have been in discussions with Woodside,” it said.
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“While discussions between the parties are currently progressing, no agreement has been reached on any such transaction,” BHP added.
Woodside in a separate statement confirmed it is in talks with BHP regarding a potential merger through a share distribution. BHP has assets in Australia, the Gulf of Mexico, Trinidad and Tobago, and Algeria.