HSBC, JPMorgan and Citi are Nominees holders on behalf of other holders, most probably large institutions including Blackrock and Vanguard. These institutions usually hold shares in a lot of other companies including, most likely BHP. Depending on their relative holdings, it is quite likely that they are indifferent as to the relative prices of the transaction (share ratio issued) and are more concerned about the overall savings that can be made by the merger. With an estimated synergy savings of US$400M pa, I would be very surprised if they are not strongly in favor of the merger.
I am also strongly in favor of the proposal. One of the big benefits I see from the merger is the low gearing which they said in the presentation "Substantial balance sheet capacity supports Scarborough and other future investment". I see the upside to this is the ability to retain its current holding in Senegal (which is expected to produce a 31% return on investment and payback in less than 3 years) and the ability to project finance Scarborough rather than sink its own capital into a development asset that will not produce any income until 2026.
Regards
SP
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