
BHP Billiton on Thursday said it plans to list its new spin-off in London after British shareholders complained about the mining giant's decision to list only in Australia and South Africa.
The firm, which is listed in Sydney and London, outlined a proposal in August to create a new independent company by demerging non-core assets, including some of its aluminium, coal, manganese, nickel and silver operations.
Under the plan, the new entity -- provisionally named NewCo -- was to be listed in Australia with a secondary listing in Johannesburg.
But the decision angered shareholders in London as British investment rules meant some of them would not be able to hold stock in the new firm.
"We are pleased to offer an additional listing in London in response to the interest investors have shown in the new company," BHP's chief executive Andrew Mackenzie said in a statement.
"We continue to work towards completion of the demerger in the first half of the 2015 calendar year, subject to receipt of the necessary approvals."
By spinning off some assets into a new company, BHP said it would be able to focus more intensively on its core long-life operations -- iron ore, copper, petroleum, coal and potash.
GMT 22:53 2018 Thursday ,13 December
Indian Minister of Trade meets with UAE Ambassador, Chairman of Emaar PropertiesGMT 13:41 2018 Thursday ,06 December
Tyre maker Continental opens lab to extract rubber from dandelionsGMT 15:23 2018 Friday ,30 November
Paper industry around famous Chinese lake to be shut down by 2019GMT 11:13 2018 Sunday ,18 November
Electricx 2018 kicks off with participation of over 20 countriesGMT 16:34 2018 Tuesday ,13 November
Amazon announces new headquarters in New York and WashingtonGMT 16:51 2018 Monday ,12 November
Egypt's exports to Nile basin countries reached EGP 19.9 bln in 2017: CAPMASGMT 08:11 2018 Friday ,09 November
Kaspersky Lab CEO suggests replacing cybersecurity with 'cyber-immunity'GMT 14:00 2018 Thursday ,08 November
Namibian enterprise endeavours to seize opportunities at China import expoMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor