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The Gap Partnership

BHP Billiton to complete acquisition of Petrohawk Energy

A deal is in place that will see BHP Billiton acquire Petrohawk Energy.

15 July 2011

A negotiation seminar may have aided BHP Billiton after it announced its acquisition of Petrohawk Energy Corporation.

The value of the deal is estimated to be US$12.1 billion (£7.5 billion) and it will give the former operations in three world-class onshore natural gas and liquids resource plays - the Permian Basin and the Eagle Ford and Haynesville shales.

Chief executive officer of BHP Billiton - which is the result of the merger of two small mining organisations in the mid-1880s - Marius Kloppers noted the move fits in with its overall business strategy.

"[It] provides us with even greater exposure to the world's largest energy market, while also broadening our geographic and customer spread," he added.

Mr Kloppers continued by saying it is a "unique opportunity" for shareholders in Petrohawk to get a premium price for their stock.

With business negotiations now complete, the tender offer will commence on July 25th.

Posted by Edel Quinn
 

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