BHP reveals Utah partners
BHP, Ltd, has revealed its equity partners in the consortium to own the United States-controlled coal miner, Utah International. The announcement ended a year of speculation about the make-up of the consortium and suggestions that BHP could ultimately fail to complete the SUS2.S billion dollar purchase. BHP released details of the consortium after the Japanese firm, Mitsubishi, signed “on the dotted line” yesterday. The high-priced consortium is made up of unusual bedfellows, including the Bell Company, controlled by BHP’s former suitor, Mr Robert Holmes aCourt, and
Utah’s present owner, the General Electric company of the United States. BHP said it would have a 35 per cent interest in the group which will be known as the Queensland Coal Joint Ventures after. The Queensland Coal Trust, the intended result of BHP’s take-over bid for Umal Consolidated, is the second largest partner, with 21.75 per cent, followed by General Electric, with 15.5 per cent, and Mitsubishi with 12 per cent. The AMP Society will have a 7.75 per ceht stake, with Bell holding a 5 per cent interest and Pancontinental Mining 3 per cent. It is estimated that 1 per cent equity for each of the partners cost SUS2SM.
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Press, 20 January 1984, Page 18
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201BHP reveals Utah partners Press, 20 January 1984, Page 18
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