Big miner BHP and oil and gas producer Woodside Petroleum have announced the merger of their oil and gas businesses to form one of the world’s biggest energy companies.
The merger will see Woodside issue new shares to BHP shareholders.
Woodside investors will hold a majority stake in the expanded company.
BHP has oil and gas fields in Australia, the Gulf of Mexico, Trinidad and Tobago and Algeria.
The combined company would be the largest energy company on the Australian stock exchange.
The deal needs to be approved by investors and regulators.
More to come.