BHP shareholders back unification
PERTH (miningweekly.com) – The shareholders of diversified miner BHP have voted in favour of a corporate restructure to unify the company under its existing Australian parent company.
BHP currently operates under a dual-listed company (DLC) corporate structure, which was established at the time of the BHP and Billiton merger in 2001.
The DLC structure comprises two parent companies; BHP Group Limited in Australia and BHP Group Plc in the UK, with separate stock exchange listings and separate share registers. The two groups operate as a unified economic entity with a common board and management, and shares in Limited and Plc carry equivalent voting and economic rights.
The unification is expected to result in a corporate structure that is simpler and more efficient, reduces duplication and streamlines BHP’s governance and internal processes.
“From an overarching standpoint, it will mean shareholders will have a company with a corporate structure that is ‘fit-for-purpose’ – to support the BHP we are today and our exciting future,” chairperson Ken MacKenzie told shareholders.
“In addition, shareholders will be able to buy the same BHP shares around the world via BHP Group’s listings on the Australian, London and Johannesburg stock exchanges as well as our NYSE-listed ADR program.
“We believe these benefits are significant for our future, underpin our strategy and support long-term shareholder value creation.”
MacKenzie told shareholders that the one-off unification cost is expected to range between $350-million and $450-million dollars.
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