BHP assures on assets
NZPA-AP Canberra Federal Resources Minister, Senator Peter Cook, said he had received assurances from management of Broken Hill Pty Co, Ltd, (BHP) that Thursday’s announced shareholding changes and planned asset sales would not involve its core minerals, steel and petroleum assets.
Mr Cook said in a statement the assurances were given before the announcement and he welcomed them. He said he intended to discuss BHP’s petroleum and minerals projects with company management next week to clarify
its new position and to confirm his understanding of its plans. The company announced on Thursday its major shareholders had agreed to a restructuring which would cut the shareholding of Robert Holmes a Court’s Bell Resources, Ltd, in BHP from 30 per cent to 10 per cent.
BHP will also form a joint venture with John Elliott’s Elders IXL, Ltd, to hold Elders’ 19 per cent stake in BHP. The company said it would dispose of sAustl billion worth of nonstrategic assets and investments to fund the arrangement. BHP said the agreement with Bell Resources and Elders would enable it to concentrate on its core businesses.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19880123.2.121.13
Bibliographic details
Press, 23 January 1988, Page 29
Word Count
186BHP assures on assets Press, 23 January 1988, Page 29
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.