Business

BHP announces stock buyback, special dividend

SYDNEY, BHP will issue a special dividend for shareholders after selling its US shale assets, the miner said Monday as it completed a US$7.3 billion stock buyback.

The world's biggest miner recently sold its US shale oil and gas

operations to British giant BP for US$10.5 billion, and said it would return

the funds to shareholders.

The special dividend of US$1.02 a share will be paid out in midJanuary.

The stock buyback was set at Aus$27.64 per share.

Completion of this programme will bring total cash returned to

shareholders to US$21 billion over the last two years, BHP chief financial

officer Peter Beaven said in a statement.

BHP's sale of the US assets was at a heavy loss, after it had bought the

operations in 2011 for US$20 billion.

The impairment charges from the sale saw BHP post a 37 percent slump in

annual net profit to US$3.7 billion in the year to June 30.

The AngloAustralian firm has announced or completed more than US$18

billion of divestments over the last six years to focus on its most

profitable core longlife operations iron ore, copper, petroleum, coal and

potash.

Shares in BHP were trading 1.36 percent higher at Aus$32.84 in Sydney on

Monday.

Source: Bangladesh Sangbad Sangstha (BSS)