BHP takeover shale specialists Petrohawk

Mining giants BHP Billiton have bought out the remaining shares of US Shale Gas specialist Petrohawk Energy for a reported $12.1bn (£7.5bn) in cash, at around US$38.75 per Petrohawk share. […]

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By Tom Gibson

Mining giants BHP Billiton have bought out the remaining shares of US Shale Gas specialist Petrohawk Energy for a reported $12.1bn (£7.5bn) in cash, at around US$38.75 per Petrohawk share.

Approximately 97.4% of the outstanding shares (around 293.9 million) of Petrohawk were sold. Petrohawk will cease to exist on the New York Stock Exchange.

BHP will gain access to shale oil and gas assets across one million acres in Texas and Louisiana.

At the end of 2010 Petrohawk had 3.4 trillion cubic feet equivalent proven oil and gas reserves.