BHP tasked JPMorgan with the biggest block trade of the year. But there’s fierce division over whether its foreign shareholders were looked after.
Last Wednesday, after the markets closed, investment bank JPMorgan offered up a block of 38 million shares in Woodside worth $1.1 billion that BHP investors outside of Australia were ineligible to own.
BHP, in turn, appointed JPMorgan to handle the sale of those shares on behalf of the foreign holders and the US investment bank wasted no time at all.via an open tender block trade.This is where things got interesting. The hedge funds bid aggressively into the transaction and offers ranged from $28.65 to $30.19 per share.That level was towards the lower end of the range of bids, yet represented a seemingly impressive 3.4 per cent discount to the last traded price.
Woodside Energy’s first actual trading session brought with it more evidence of strong demand as Woodside shares gained over 5 per cent during a session when a weak oil price might have otherwise weighed on the stock. What would those foreign holders have to say? Well, there’s a feeling among some that remain BHP shareholders that the whole arrangement worked to their detriment at the start.
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