Why would I buy Woodside if I can get it at 48c of the merger price once approved? Maybe I'm missing the bigger picture but is that not the sumtotal of what the merger with Wpl and Bhp are?
If that is true then I see no reason to buy Wpl at current price in comparison to Bhp price today. Current bhp share price is around $38. That gives me Wpl shares at $38x0.48=$18 with all of bhp oil/gas assets thrown in...
Why then pay $23 for Wpl today?
Should the merger fail, I end up with lots of Bhp shares - no problem. If the merge fails and I have only Wpl, I end up with lots of risk and a huge problem in financing Scarborough...
Maybe I'm missing the actual plot.
BHP Price at posting:
$37.65 Sentiment: Buy Disclosure: Held
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