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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BHP Group Plc | NYSE:BBL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 64.18 | 0 | 01:00:00 |
LONDON--Mining giant BHP Billiton is considering a secondary listing in London for a new company it is spinning off containing noncore mining assets in commodities including aluminum and manganese, according to an extract from a letter sent to shareholders ahead of its annual general meeting.
The spun-off company, so far known only as NewCo, is currently planned to have a primary listing in Australia and a secondary listing in South Africa.
That plan had drawn criticism from some London-based shareholders who were set to receive shares in NewCo. Fund managers often have mandates restricting them from investing in companies listed overseas.
BHP Billiton said it had been "pleased" by the level of support for its demerger plan so far.
"Based on this, we are now assessing a potential Standard listing in London for the new company," the coampny said in its letter to shareholders.
If NewCo obtains a standard listing, it wouldn't be eligible for inclusion in the FTSE 100 share index, which only includes companies with a premium listing.
NewCo could have a valuation of around A$16 billion, according to analysts at Commonwealth Bank of Australia.
Write to Andrew Peaple at andrew.peaple@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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