News: BHP Woodside investors jittery on petroleum merger, BHP falls on listing change, page-4

Few do.

Australia has more favourable tax treatment of dividends therefore the Aussie shares have always traded at a premium to London shares - the franking system is such a wrought but thats another debate. Given they have to come back to parity if the dual listing closes, London had to come up in price, or Aussie shares down, but more likely a bit of both.

This really is a great exogenously forced example of the value of franking, capital losses etc in this country. Its a massive tax distortion to pricing, whether you consider good or bad.

UK shares closed $23.96, or $45.33 equivalent. So either UK shares have to come up more or Aussie shares go down further or both. I'd expect further falls in Aussie share price as many London holders will not want to hold BHP in Oz and given BHP will be leaving the FTSE index, funds will sell down.

I have no position in BHP and don't really care whether it goes up or down before I get attacked by holders. Thems' the reality....