WPL are paying BHP with shares in WPL, there is no cash or cash equivalent.
The franked div you are probably getting confused with is how BHP are distributing the WPL shares that BHP will get from WPL to the BHP shareholders. That is a matter for BHP and has no impact on WPL or any aspect of the deal for WPL or WPL shareholders.
The cost to WPL shareholders of the BHP is a doubling of the shares on issue, but this is more than offset by production being doubled, cashflow will be more than doubled, gearing is being halved etc
Most analysts think the deal is great for WPL, and that was before oil prices broke through $80.
Further the BHP assets are coming debt free but ARE coming with all the cash they have earned since 1 July 2021 - which is when oil prices have been $70++. The BHP assets are cash cows.
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