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BHP stock falls after confirming talks to sell oil business

Shares of BHP Group Ltd. (BHP.AU) took a 3.1% hit in morning trading Monday, after the Australia-based mining giant said it has initiated a review of its petroleum business, which could include a sale. The company confirmed, in "response to press speculation," that was in talks to sell the business to Woodside Petroleum Ltd. (WPL.AU), followed by a distribution of Woodside shares to BHP shareholders. Woodside's U.S.-listed shares sank 5.2% in Monday morning trading. "While discussions between the parties are currently progressing, no agreement has been reached on any such transaction," BHP said in a statement. "A further announcement will be made as and when appropriate." BHP's stock has gained 15.4% year to date, while the S&P 500 has advanced 18.4%.

-Tomi Kilgore

 

(END) Dow Jones Newswires

08-16-21 1119ET

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