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BHP closes in on another shale gas buy

Aug 21 2011 14:47 I-Net Bridge

Company Data

BHP BILLITON PLC [JSE:BIL]

Last traded 370.61
Change -0.61
% Change 0.00
Cumulative volume 2266210
Market cap 791.69bn

Last Updated: 23/07/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - BHP Billiton [JSE:BIL] announced on Sunday that it has secured its $12.1bn takeover of US energy firm Petrohawk Energy Corporation in a $38.75 per share takeover.

AFP reports that this is a 65% premium on the value of Petrohawk shares at the time of the July offer and it will give BHP access to huge assets in the lucrative US shale gas market. It follows BHP's purchase earlier this year of Chesapeake Energy's shale gas holdings.

As the final step of the acquisition process and following payment for all shares validly tendered and not withdrawn on or prior to the expiration of the offer, BHP Billiton expects to effect a short-form merger under Delaware law as promptly as possible.

Petrohawk will be the surviving corporation in the merger and will become an indirect wholly owned subsidiary of BHP Billiton. Following the merger, Petrohawk shares will be delisted and will cease to trade on the New York Stock Exchange.




bhp billiton  |  shale gas
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