Australia says changes to BHP corporate structure need to fit national interest

Image
Reuters SYDNEY
Last Updated : Apr 11 2017 | 11:57 AM IST

SYDNEY (Reuters) - Any significant changes to the corporate structure of Anglo-Australian miner BHP Billiton would need to be consistent with a "national interest" test under the law, the Australian government said on Tuesday.

Activist shareholder Elliott Advisors on Monday proposed BHP Billiton scrap its dual-company structure in favour of a primary listing in London and a secondary listing in Sydney.

"A change in the corporate structure and listing arrangement would need to be carefully considered against the provisions of the Foreign Acquisitions and Takeovers Act," a spokeswoman for Australian Treasurer Scott Morrison said on Tuesday.

"If the changes were significant they would need to be consistent with Australia's national interest test under that Act."

The Australian government in 2001 approved the merger of Melbourne-based BHP and London-based Billiton based on a number of conditions designed to ensure the miner kept close ties to Australia.

(Reporting by Jamie Freed; Editing by Clarence Fernandez)

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Apr 11 2017 | 11:46 AM IST

Next Story