We’ve covered this before however as a quick refresher after a few questions from clients. Expect documents in early April, WPL vote at the AGM mid-May, complete early June. BHP holders will own 48% of WPL post the deal & will receive around 0.1768 WPL shares for each BHP share held, around 1 WPL for each 5.65 BHP shares. These WPL shares will have franking attached at the price of the prior close. We would expect BHP shares to fall by around the value of the WPL shares that are received on day 1 (the same as when a dividend is paid out), we wouldn’t expect WPL to move based on the deal (new shares issued but new assets taken on)
MM remains long & bullish BHP
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