BHP not swapping petroleum for Rio Tinto
Monday, 12 November, 2007
BHP Billiton has ruled out selling the company’s petroleum division to help fund a potential takeover of Rio Tinto.
Media reports in London had suggested BHP Billiton is considering selling its US$30 billion (AU$33.17 billion) petroleum division to help fund the transaction.
“No, there are no plans to sell petroleum,” BHP chief executive Marius Kloppers told journalists in a conference call from London.
BHP Billiton’s petroleum assets include a one-sixth stake in the large North West Shelf project in Western Australia and a 50% stake in the Bass Strait joint venture offshore from Victoria.
BHP Billiton’s previous offer, of around US$150 billion (AU$165.85 billion), has been knocked back by Rio Tinto as too cheap.
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