Straight after the deal was announced a significant shareholder in Whitehaven sold out 157 million shares and activist investor Bell Rock has been urging shareholders to vote against the deal.

Fair Shareholder Returns, which is funded by Bell Rock, took out full page ads in in the name of Fair Shareholder Returns in national newspapers today urging a vote against the acquisition.

Proxy adviser Institutional Shareholder Services is also opposed to the deal.

However, Whitehaven doesn’t need shareholder approval for the deal.

The Australian Centre for Corporate Responsibility’s Naomi Hogan said the deal was irresponsible and BHP had not taken into account the future impacts on financial returns associated with climate change.

“Instead of playing pass the parcel on emissions, BHP should have done with the Mt Arthur thermal coal mine in NSW _ abandon plans for divestment and close the asset over time,” she said.

“Flogging of emissions-intensive assets to buyers with weak climate credentials exposes investment portfolios to future financial risks from runaway climate change.”