Australian oil and gas company Woodside said that its shareholders voted to approve the proposed merger with BHP's oil and gas business at its Annual General Meeting on Thursday, with 98.66% of the votes in favor of the merger.
"All conditions precedent necessary to implement the Merger that require a positive action or event in order to be satisfied have now been satisfied or waived," Woodside said, adding that it expected completion of the merger to occur on June 1, 2022.
The new Woodside shares to be issued to or for the benefit of BHP shareholders are expected to starttrading on the Australian Securities Exchange (ASX) on June 2, 2022.
Trading of Woodside American Depositary Shares on the New York Stock Exchange is expected to start on June 2, 2022. Trading of Woodside shares on the Main Market for listed securities of the London Stock Exchange is expected to start on June 6, 2022.
The two companies agreed on the merger in November 2021, whereby Woodside will acquire the entire share capital of BHP Petroleum International Pty Ltd (BHP Petroleum) in exchange for new Woodside shares.
The companies said that on completion, the merger would create a global top 10 independent energy company by production and the largest energy company listed on the ASX, and that the merged company would have a high margin oil portfolio, long life LNG assets, and the financial resilience to help supply the energy needed for global growth and development over the energy transition.