Last checked at 
(Alliance News) - BHP Group PLC on Tuesday said it has received regulatory and competition approvals for a planned unification under its Australian parent company.
The watchdog approvals include backing from the National Treasury of South Africa, the miner said.
Shareholder meetings to consider the unification will be held on January 20. The unification is expected to be completed on January 31.
Back in August, BHP announced plans to unify its corporate structure under its Australian parent company. The changes move its primary listing to Sydney's Australian Securities Exchange. The move will see one of the largest components in the FTSE 100 leave the index, as London will no longer be its primary listing.
BHP also will keep a secondary listing in Johannesburg and have American Depositary Shares traded in New York.
The unification plan followed an agreement by BHP to merge its oil and gas portfolio with Sydney-listed Woodside Petroleum Ltd.
The oil and gas unit's tie-up with Perth, Australia-based Woodside will create one of the 10 largest independent energy producers in the world.
Terms for the merger, which will see Woodside absorb BHP's oil and gas assets, were agreed in November. The all-stock deal will see Woodside shareholders have 52% of the new company and BHP shareholders 48%.
BHP valued its petroleum business at USD15.4 billion as of June 30, the company said in August when it announced the Woodside deal. Woodside currently has a market capitalisation of AUD20.86 billion, around USD14.85 billion. It means the deal is worth roughly USD30 billion.
BHP shares closed up 1.5% at AUD41.71 each in Sydney on Tuesday. In Johannesburg, the stock was up 2.7% at ZAR460.09 on Tuesday morning. In early dealings in London, shares were up 2.5% at 2,199.50 pence.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
