Big miner BHP and oil and gas producer Woodside Petroleum have announced the merger of their oil and gas businesses to form one of the world's biggest energy companies.Woodside investors will hold a majority stake in the expanded company.The deal needs to be approved by investors and regulators.The expanded Woodside would be owned 52 per cent by existing Woodside shareholders and 48 per cent by existing BHP shareholders.
Woodside's new chief executive Meg O'Neill said the merger would allow the firm to fund new projects, such as Scarborough off the coast of Western Australia. "The proposed transaction de-risks and supports Scarborough FID later this year and enables more flexible capital allocation," she said. "We will continue reducing carbon emissions from the combined portfolio towards Woodside's ambition to be net zero by 2050."
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Just like the Rio merger? Why would anyone trust bhp after last time?
Presumably de-risks BHP for carbon emissions reduction in the process.
God forbid what we need is more investment in dirty energy!
Woohoo, we're levelling up! Made it into the Top 10 LNG companies! Surely we'll have such a great legacy and people in generations to come will look back on us fondly.