| BHP Billiton Ltd. announced what’s poised to be the biggest spin-off in the mining industry, separating aluminium, coal and silver assets to create a company valued at about $15 billion after it begins trading next year. The new unit will operate in five countries from Australia to South Africa, the Melbourne-based producer said on Tuesday in a statement, while announcing a 10% jump in full-year profit to $13.4 billion.
BHP’s London-listed shares fell the most in 14 months. A decision to skip a widely anticipated share purchase will disappoint investors, who had expected a $3 billion buyback, Citigroup Inc. said...............................................Full Article: Source
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