BHP to Return $10.4 Billion to Shareholders
01 November 2018 - 09:37AM
Dow Jones News
By David Winning
SYDNEY -- BHP Billiton Ltd., the world's biggest mining company
by market value, said it would return $10.4 billion to shareholders
via a stock buyback and special dividend.
The move comes 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 latest outlays
would bring the total cash handed back to shareholders over the
past two years to $21 billion.
The Melbourne-based company said it planned to buy back shares
worth $5.2 billion and pay a special dividend to shareholders
totaling $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, ending a costly saga that left the company
roughly $20 billion worse off.
Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
October 31, 2018 18:22 ET (22:22 GMT)
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