Woodside Petroleum is under Algo Engine buy conditions and is a current holding in our ASX 100 model.
Woodside is expected to issue almost 1 billion new shares to pay for the acquisition of BHP’s petroleum business under the $41bn merger deal. BHP shareholders will receive shares in WPL and we may see some overhang of selling for the market to absorb, however, we view the deal as a vote of confidence in the new merged entity, given BHP’s decision to merge their energy assets rather than pursue a cash deal.
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- Woodside will acquire BHP’s oil and gas business in a proposed $41 billion merger deal
- The merger will relieve pressure on Woodside whose existing assets are depleting
