18 August 2021

KWM advises Woodside on its proposed merger with BHP Petroleum to create global energy company

King & Wood Mallesons (KWM) has advised Woodside Petroleum Ltd on its proposed merger with the oil & gas business of BHP Group Limited, which would create the largest energy company listed on the Australian Securities Exchange, with an anticipated market capitalisation in excess of A$40 billion.

Woodside and BHP have entered into a Merger Commitment Deed which 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 KWM team was led by M&A partners Heath Lewis 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.

Commenting on the deal partner Heath Lewis said:

“We are delighted to be assisting Woodside on this company-defining, strategic transaction that will position Woodside to advance multiple significant projects across the globe and continue to invest in the energy transition.  It is an exciting time for Woodside, and we take great pride in having the opportunity to leverage our expertise in the support of the Woodside team.”

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

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