I don't think it has anything to do with franking credits as such.
BHP Australian and BHP London are not linked, you can not transfer a BHP Australian share and trade it in London.
This means, there is often a discrepancy between BHP Australia and BHP London and that discrepancy can be of the order of 20% etc (amazingly).
As BHP is removing the London listing, it appears that discrepancy is been removed and the consequence is what you are seeing for reasons that are beyond me.
BHP Dividend Guestimate, page-159
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