Sullivan, Morgan Lewis Rep BHP In $12B Petrohawk Buy

Law360, New York (July 14, 2011, 9:23 PM EDT) -- Australia's BHP Billiton Ltd. on Thursday announced a $12.1 billion deal to buy oil and gas company Petrohawk Energy Corp., allowing the mining giant to tap into the Texas company's shale assets of 1 million acres.

Under the deal, BHP will pay $38.75 per share in an all-cash tender offer to take over Houston-based Petrohawk, which had $8.2 billion in gross assets as of April and took in profit of $390 million in 2010.

Petrohawk's core operations in the Eagle Ford, Haynesville and Permian Basin shales,...
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