69 billion, just below a consensus analyst forecast of $5

holds off on share buyback

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Canada Goose Parka MELBOURNE, Aug 19 (Reuters) The world biggest mining company, BHP Billiton, announced plans to spin off businesses worth an canada goose clothing uk estimated $16 billion, most of them acquired in its 2001 merger with Billiton, to focus on its most profitable activities. Canada Goose Parka

canada goose uk outlet But it held off on a share buyback, disappointing investors who had hoped to receive around $5 billion. BHP London listed shares fell 4 percent. canada goose uk outlet

canadian goose jacket Chief Executive Andrew Mackenzie, in the top job for just over a year, said canada goose outlet hong kong the widely expected move to simplify BHP around the canada goose outlet montreal pillars of iron ore, copper, coal and petroleum would spur cashflow growth and boost returns. canadian goose jacket

canada goose clearance sale concentrating on what we do best, the development and operation canada goose outlet store uk of major basins, we can improve our productivity further, faster and with greater certainty, Mackenzie said in a statement. canada goose clearance sale

cheap Canada Goose The canada goose outlet michigan spin off company, dubbed NewCo for now, canada goose factory outlet vancouver will canada goose outlet website legit bundle BHP aluminium, manganese, Cerro Matoso nickel in Colombia, South African energy coal and some Australian canada goose jacket outlet sale metallurgical coal assets and the Cannington silver, lead and zinc mine. cheap Canada Goose

probably a better asset mix than we thought it would be beforehand. BHP has added Cerro Matoso, which is a better nickel asset than its Nickel West division, and canada goose outlet las vegas Illawara Coal, said David Radclyffe, an analyst with CLSA in Sydney.

Canada Goose online BHP confirmed the spin off as it reported canada goose outlet in montreal an 8 percent rise in second canada goose outlet phone number half underlying attributable profit to $5.69 billion, just below a consensus analyst forecast of $5.94 billion, according to Thomson Reuters Starmine SmartEstimate. Canada Goose online

Analysts and investors said the fall in BHP shares on Tuesday was an over reaction.

Canada Goose Outlet people canada goose parka uk may be disappointed because nothing was announced on a special dividend or buyback, said Albert Minassian, an analyst with Investec in London. Canada Goose Outlet

buy canada goose jacket if you already have big news about a spin off there is no point announcing the two together. You keep something for the next time. The money is still there, he said. buy canada goose jacket

BHP had been canada goose outlet new york city targeting net debt of around $25 billion before it would consider returning capital to shareholders. But on reaching that goal, it said it would only go ahead when it could return capital in a predictable and sustainable way.

canada goose black friday sale are planning ahead prudently, but we will not be excessively conservative. canada goose outlet woodbury We will continue to look at ways of shifting excess cash in a timely way to our shareholders, Mackenzie told reporters. canada goose black friday sale

canada goose uk shop BHP said it had cuts costs in the 2014 financial year by $2.9 billion and flagged that it expected to achieve a further $3.5 billion Canada Goose Outlet in cost savings over the next three years. canada goose uk shop

canada goose coats on sale NEWCO INTEREST The new company will be headquartered in Perth and listed in Australia, with a secondary listing in South Africa. Shareholders in BHP Billiton Ltd and BHP Billiton Plc canada goose outlet location would receive shares in the new company on a pro rata basis. canada goose coats on sale

BHP canada goose outlet black friday sale did not state the value of the new company, but three analysts estimated it could be worth between $15 billion and $17 billion.

BHP said only that NewCo businesses had achieved a profit margin of 21 canada goose outlet in toronto percent in the 2014 financial year and would carry debt targeting an investment grade credit rating.

looks like quite an interesting company, and given the size and diversification it buy canada goose uk be pretty well received, said Brenton Saunders, a Sydney based portfolio manager at BT Investment Management, which owns shares in BHP.

canada goose clearance The company would canada goose outlet london be headed by BHP Billiton Chief Financial Officer canada goose outlet official Graham Kerr, while Brendan Harris, BHP Billiton head of investor relations, would be chief financial officer. canada goose clearance

canada goose coats BHP Australian Nickel West operations were not included in the new company, and a separate sale process was continuing, Mackenzie said. The company was in talks with several potential buyers. (Additional reporting by Silvia Antonioli; editing by Richard Pullin and Tom Pfeiffer) canada goose coats.

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