BHP completes Petrohawk takeover

Posted on August 29, 2011. Filed under: Corporate |

FRIDAY, 26 AUGUST 2011 09:16

SYDNEY: Mining giant BHP Billiton said on Friday it had completed its US$12.1 billion takeover of the US-based Petrohawk Energy Corporation.

The company, which posted a record-breaking financial year profit of US$23.6 billion this week, said the deal was sealed through a short-form merger under Delaware law.

This was the final step of the acquisition process and follows the previously announced completion of the tender offer by BHP to acquire all outstanding Petrohawk common stock.

BHP Billiton petroleum chief executive Michael Yeager said the takeover adds high-quality growth to the company.

“With the completion of this transaction, BHP Billiton Petroleum is on track to deliver compound annual growth in production volumes of 10 percent for the remainder of the decade,” he said.

“We are excited that Petrohawk’s sizeable US workforce is joining our talented group of professionals and we are ready to grow this business over the long-term.”

It follows BHP’s purchase earlier this year of US-based Chesapeake Energy Corp’s shale gas holdings in Arkansas, along with some pipeline assets, for US$4.75 billion, as it seeks to diversify beyond mining and minerals.

Copyright AFP (Agence France-Presse), 2011

Advertisements

Make a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

  • Enter your email address to subscribe to this blog and receive notifications of new posts by email.

    Join 2 other followers

  • EnergyPakistan had

    • 765 hits

Liked it here?
Why not try sites on the blogroll...

%d bloggers like this: