Woodside in Advanced Talks to Buy A$20B BHP Oil Unit: AFR
- Woodside offers shares to BHP for petroleum business, AFR says
- Acquistion would make Woodside Australia’s biggest oil player
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Woodside Petroleum is in advanced talks to buy BHP Group’s petroleum division for about A$20 billion ($14.7 billion), the Australian Financial Review reported on Sunday, citing people familiar with the matter.
Under Woodside’s proposal, the company would offer shares to BHP for the entire petroleum business, which would then be passed on to BHP’s shareholders, to ensure no change of control, the newspaper reported. The acquisition would make Woodside the clear No.1 player in Australia’s oil and gas sector, according to the report.