BHP a step closer to scrapping dual listing after board approval

“Unification will create one parent company, one share register and one share price globally. We believe this is the best structure for BHP to provide the resources the world needs to create long-term shareholder value,” Mr MacKenzie said.

BHP chief executive Mike Henry said the change would help BHP move more quickly towards its goals and would reduce costs.

“A unified corporate structure will make BHP simpler and more agile, with the strategic flexibility required to shape our portfolio to deliver value through producing the commodities needed for continued economic growth, improved living standards, electrification and decarbonisation,” Mr Henry said.

The global miner expects to complete it unification of its corporate structure by January 31, 2022, if it wins regulatory approval. Its ASX-listed shares will still be offered to investors in Johannesburg, New York and London.

The structure needs to be approved by shareholders in both Australia and the UK, and will also require approval from regulators in both countries and South Africa.

The world’s biggest miner and London’s second biggest listed company revealed the radical overhaul of its structure at its August results.

At the same time the group announced it would be further reducing its exposure to fossil fuels after striking a deal to sell its global oil and gas assets to Australian energy giant Woodside Petroleum. Last week, Woodside and BHP signed off on the merger deal and plans to push ahead with the $16.5 billion Scarborough project in Western Australia.

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