Corporate Action: BHP’s Off-Market Buyback Benefits Lowly Taxed Investors
BHP will return USD 10.4 billion of asset sales proceeds with a USD 5.2 billion off-market buyback of the Australian listed BHP Limited shares and a proposed USD 5.2 billion special dividend. The buyback price, once the likely 14% buyback discount is applied, should be at a small premium to our fair value estimate, but not sufficiently to change our AUD 25 per share fair value estimate. The last day to purchase BHP shares and be entitled to the franking credits from the off-market buyback is Nov...BHP Billiton is a global resources company. Co. operates under a Dual Listed Company (DLC) structure, which consists of the BHP Billiton Limited Group and the BHP Billiton Plc Group, operating as a single economic entity. As of June 30 2017, Co. operated four reportable segments: Petroleum, which is involved in the exploration, development and production of oil and gas; Copper, which is involved in the mining of copper, silver, lead, zinc, molybdenum, uranium and gold; Iron ore, which is involved in the mining of iron ore; and Coal, which is involved in the mining of metallurgical coal and thermal (energy) coal.
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