16th Oct 2014 06:32
LONDON (Alliance News) - BHP Billiton PLC Thursday confirmed that it will seek a London listing for its demerged company, in addition to the planned primary listing on the Australian Securities Exchange.
The mining giant is spinning out a new company containing aluminium, coal, manganese, nickel and silver assets, a move it thinks will unlock shareholder value.
It had been mulling whether to list the new company in London as well as Australia, as the parent company is, and had been conferring with shareholders.
"We are pleased to offer an additional listing in London in response to the interest investors have shown in the new company. We continue to work towards completion of the demerger in the first half of the 2015 calendar year, subject to receipt of the necessary approvals," BHP Billiton Chief Executive Andrew Mackenzie said in a statement.
The company said the London listing will be a standard listing on the London Stock Exchange's main market. There will also be a secondary inward listing on the Johannesburg Stock Exchange.
By Steve McGrath; [email protected]; @stevemcgrath1
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