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Australia says changes to BHP corporate structure need to fit national interest

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Reuters SYDNEY

SYDNEY (Reuters) - Any significant changes to the corporate structure of Anglo-Australian miner BHP Billiton would need to be consistent with a "national interest" test under the law, the Australian government said on Tuesday.

Activist shareholder Elliott Advisors on Monday proposed BHP Billiton scrap its dual-company structure in favour of a primary listing in London and a secondary listing in Sydney.

"A change in the corporate structure and listing arrangement would need to be carefully considered against the provisions of the Foreign Acquisitions and Takeovers Act," a spokeswoman for Australian Treasurer Scott Morrison said on Tuesday.

"If the changes were significant they would need to be consistent with Australia's national interest test under that Act."

 

The Australian government in 2001 approved the merger of Melbourne-based BHP and London-based Billiton based on a number of conditions designed to ensure the miner kept close ties to Australia.

(Reporting by Jamie Freed; Editing by Clarence Fernandez)

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First Published: Apr 11 2017 | 11:46 AM IST

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