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Follow on Google News | Paradigme Consultants: BHP Billiton completes $6.3 billion off-market share buyback.The world’s leading mining firm has bought back A$6 billion of its shares, or 4.4% of its Australian listed shares, as part of its $10 billion capital management plan.
The firm has bought back $7.8 billion worth of shares in Australia and the UK since it reactivated its share buyback plan in November last year after it was forced to ditch its $39 billion bid for Canada’s Potash Corp. The firm says it still has $2.2 billion remaining to be purchased on market in the UK. It intends to resume the UK buyback program and complete it by the end of 2011. The buyback has been occurring amid ongoing speculation that the mining giant is in talks to acquire Royal Dutch Shell’s 24% stake in Woodside Petroleum as a launch pad for a total takeover of Australia’s top independent oil and gas producer, Tsuen Wan International has learned. BHP Billiton has so far declined to comment on the speculation, but if it were looking at setting up a deal it would have to suspend the buyback program. Ann Pickard, Shell Australia’s CEO has played down the speculation that the two firms were in talks. "There are no commercial discussions,” Pickard however would not be drawn on whether there had been earlier discussion over the sale of Woodside. # # # Paradigme Consultants is a world leading service provider that help provide monetary recovery from investment losses. We have helped thousands of investors by referring their specified cases and concerns to accredited firms specializing in loss recovery. End
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