BHP Billiton buys Petrohawk Energy

BHP Billiton said yesterday that it would buy United States-based oil company Petrohawk Energy for US$12.1 billion ($14.4 billion) in cash, giving the world's largest miner greater access to US shale gas assets.

Melbourne-based BHP said it would pay US$38.75 for each Petrohawk share in an all-cash tender offer.

The total value of the deal is US$15.1 billion, including Petrohawk's debt.

The acquisition would give BHP assets covering about 400,000 hectares in Texas and Louisiana, with an estimated 2011 production of about 26.9 million cu m equivalent a day.

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