is “fair and reasonable” to shareholders, an expert independent report has concluded, boosting the prospect that most shareholders will approve the tie-up that will create a top-10 global oil and gas producer.shareholders have raised doubts
Boosting the prospects of the deal, however, KPMG’s independent report into the merger said the tie-up will create a stronger business. KPMG said a Woodside share would have an underlying value of between $25.25 and $29.81 if the deal progresses, more than the $23.09 to $26.42 that a Woodside share would be worth if the merger did not proceed.KPMG said the combined company would have greater financial strength, become more globally diverse and become more attractive to a wider group of investors. That would equip the company to not only navigate the global energy transition but become a leading player in it.
If approved, Woodside will hold 52 per cent of the merged entity, while BHP shareholders will have new scrip for 48 per cent of Woodside. BHP is expected to receive 914.8 million newly issued Woodside shares at completion.BHP shareholders are expected to be entitled to one Woodside share for every 5.5340 BHP shares they hold, the two companies said.
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