BHP Billiton CEO: M&A Strategy Shies Away From Small Companies
October 29 2009 - 8:23AM
Dow Jones News
BHP Billiton Ltd. (BHP) shareholders shouldn't expect the
Anglo-Australian miner to buy small, distressed companies, the
company's chief executive said Thursday.
"You shouldn't expect us to do transactions with smaller
companies with smaller assets," Marius Kloppers said at the
company's annual general meeting.
Kloppers said the company's acquisition strategy was constrained
by its goal of acquiring large-scale assets with significant
mineral reserves. Those kind of assets rarely come to market, he
said.
Kloppers highlighted BHP's plans to invest $5.8 billion to
create an iron ore joint venture with Rio Tinto PLC (RTP) as the
type of deal the company prefers.
Company Web site: www.bhpbilliton.com
-By Jeffrey Sparshott, Dow Jones Newswires; +44 (0)207 842 9347;
jeffrey.sparshott@dowjones.com