BHP Billiton Plans US$10.4 Billion Capital Return

Date : 01/11/2018 @ 09:11
Source : Dow Jones News
Stock : Bhp Group Fpo (BHP)
Quote : 41.28  0.07 (0.17%) @ 18:49
Bhp Billiton share price Chart

BHP Billiton Plans US$10.4 Billion Capital Return

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   By David Winning 
 

SYDNEY--BHP Billiton Ltd. (BHP.AU), the world's biggest mining company by market value, said it would return US$10.4 billion to shareholders via a stock buyback and special dividend after completing the sale of its U.S. onshore oil and natural gas assets.

BHP, which has faced pressure from activist investor Elliott Management Corp. to improve returns, said the move would bring the total cash handed back to shareholders over the past two years to US$21 billion.

The Melbourne-based company said it planned to buy back shares worth US$5.2 billion and pay a special dividend to shareholders totaling US$5.2 billion. It said the capital-management program would begin immediately.

On Wednesday, BHP completed the sale of the bulk of its U.S. oil and gas unit to BP PLC (BP), ending a costly saga that left the company roughly US$20 billion worse off.

 

Write to David Winning at david.winning@wsj.com

 

(END) Dow Jones Newswires

October 31, 2018 17:56 ET (21:56 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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