Woodside readies for NYSE listing
PERTH (miningweekly.com) – Oil and gas major Woodside has applied to list American Depositary Shares (ADSs) on the New York Stock Exchange (NYSE), as part of its merger activities with major BHP’s petroleum business.
The listing on the NYSE is expected to become effective on completion of the merger, targeted for June 1.
The two companies in November last year struck an agreement to combine their respective oil and gas portfolios through a stock merger. The expanded Woodside would be owned 52% by existing Woodside shareholders and 48% by existing BHP shareholders.
The merger is subject to satisfaction of certain conditions, including approval of the transaction by the Woodside shareholders at Woodside’s annual general meeting on May 19.
ADSs are US dollar-denominated negotiable instruments represented by American Depositary Receipts (ADRs) issued by a depositary bank that facilitates US trading and investment in shares of non-US companies. The ADSs will be issued under Woodside’s existing ADR programme.
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