BHP Confirms In Talks To Sell Petroleum Business To Woodside Petroleum

BHP (BHP.AX,BLT.L,BBL,BHP) confirmed that it is in talks to sell its petroleum business to Australia's Woodside Petroleum Ltd. (WOPEF.PK,WOPEY.PK,WPL.AX).

BHP noted that the discussions are currently progressing, but no agreement has been reached. It will make a further announcement as and when appropriate.

In a separate press release, Woodside said it is engaged in discussions with BHP regarding a potential merger involving BHP's entire petroleum business through a distribution of Woodside shares to BHP shareholders.

Earlier, Woodside Petroleum is in advanced talks to buy BHP's petroleum division for about A$20 billion or $14.7 billion, the Australian Financial Review reported on Sunday citing people familiar with the matter.

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