Deals
BHP Agrees to Buy Petrohawk for $12.1 Billion to Secure Gas
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BHP Billiton Ltd., the world’s largest mining company, agreed to buy Petrohawk Energy Corp. for about $12.1 billion in cash in its biggest acquisition, betting natural gas demand will gain in the U.S.
BHP will pay $38.75 a share using cash and debt, the companies said in a statement today. That’s 61 percent more than Houston-based Petrohawk’s average price over the past 20 trading days and compares with the 25 percent average premium in 17 deals worth at least $5 billion for oil and gas producers in the past five years, according to data compiled by Bloomberg.