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BHPBill -- acquisition of Petrohawk
BHPBill announced that all conditions to the closing of the tender offer to acquire all outstanding shares of common stock of Petrohawk Energy Corporation ("Petrohawk") for USD38.75 per Petrohawk share net to the seller in cash, without interest, less any applicable withholding taxes, have been satisfied. The depositary for the tender offer has advised that, as of the expiration of the offer at 12:00 midnight, New York City time, at the end of Friday, 19 August 2011, approximately 293.9 million Petrohawk shares had been validly tendered and not withdrawn pursuant to the offer, including approximately 36.0 million Petrohawk shares tendered by guaranteed delivery, which tendered shares represent approximately 97.4% of the outstanding shares of Petrohawk. BHPBill has accepted for payment, and expects to promptly pay for, all shares validly tendered and not withdrawn on or prior to the expiration of the offer.
As the final step of the acquisition process and following payment for all shares validly tendered and not withdrawn on or prior to the expiration of the offer, BHPBill expects to effect a short-form merger under Delaware law as promptly as practicable. At the effective time of the merger, each share issued and outstanding immediately prior to the effective time (other than shares then owned by BHPBill, Petrohawk or any of their wholly owned subsidiaries (in each case other than on behalf of third parties) and shares that are held by any stockholders who properly demand appraisal in connection with the merger) will cease to be issued and outstanding and will be converted into the right to receive an amount in cash equal to the offer price of USD38.75, without interest, less any applicable withholding taxes. Petrohawk will be the surviving corporation in the merger and will become an indirect wholly owned subsidiary of BHPBill. Following the merger, Petrohawk shares will be delisted and will cease to trade on the New York Stock Exchange.
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BHPBill expansion of Cerrejon Coal
BHPBill announced approval of a USD437 million (BHP Billiton share) investment to expand the Cerrejon Coal mine in La Guajira, Colombia. BHPBill's investment represents one third of the USD1 311 million expansion to be undertaken by Cerrejon Coal, with joint venture partners Anglo American plc and Xstrata contributing equal investment in the project. The expansion, known as the P40 Project, will enable Cerrejon Coal's saleable thermal coal production to increase by 8 million tonnes per annum (mtpa) to approximately 40mtpa. Construction will commence in the 2011 calendar year with completion expected in the 2013 calendar year. Ramp up to expanded capacity of 40mtpa is expected by the end of the 2015 calendar year. The expansion project will see BHPBill's estimated share of production and sales from this long life, tier 1 asset increase from 10.7mtpa to 13.3mtpa. The project scope includes a second berth and dual quadrant shiploader at Cerrejon's 100 percent owned and operated Puerto Bolivar, along with necessary mine, rail and associated supply chain infrastructure. BHP Billiton owns 33.3 percent of Cerrejon Coal in equal portion with joint venture partners Anglo American and Xstrata.
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BHPBill to acquire HWE Mining subsidiaries
BHPBill has signed a Heads of Agreement with Leighton Holdings to acquire the HWE Mining subsidiaries that provide contract mining services to its Western Australia Iron Ore operations. The Heads of Agreement relates to the mining equipment, people and related assets that service the Area C, Yandi and Orebody 23/25 operations. These operations collectively account for almost 70% of Western Australia Iron Ore's total material movement. The purchase price is USD735 million (AUD705 million), subject to working capital adjustments.
The proposed acquisition is consistent with BHPBill's previously stated intention to move the Western Australia Iron Ore business from contract mining to owner-operator mining. Subject to due diligence, definitive agreements and relevant internal and regulatory approvals, the transaction is expected to close during the fourth quarter of calendar year 2011.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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