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BHP Group to unify corporate structure under Australian parent company

By Iain Gilbert

Date: Thursday 02 Dec 2021

BHP Group to unify corporate structure under Australian parent company

(Sharecast News) - Iron ore company BHP Group has made a final board decision to unify its corporate structure under its Australian parent company, with the merger expected to be completed by the end of January 2022.
BHP Group said on Thursday that following a strategic review of its dual-listed company structure, now was the right time to make the change due to changes to its portfolio, reduced earnings from its PLC assets and lower than initially predicted cost associated with the unification.

Back in August, BHP outlined its intention to merge its corporate structure, with a primary listing on the Australian Securities Exchange, as well as a standard listing in London and a secondary one in Johannesburg.

BHP stated the unification was now subject to regulatory and shareholder approval, with a general meeting scheduled for 20 January to attain the latter.

Chief executive Mike Henry said: "A unified corporate structure will make BHP simpler and more agile, with the strategic flexibility required to shape our portfolio to deliver value through producing the commodities needed for continued economic growth, improved living standards, electrification and decarbonisation.

"We will retain listings in the UK, US, South Africa and Australia, providing BHP with continued access to global markets and giving shareholders the opportunity to benefit from our portfolio, management and operating performance for long-term value."

As of 0945 GMT, BHP shares were down 0.024% at 2,074.0p.


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