BHP closer to scrapping dual listing after board approval

(Reuters) – BHP Group Ltd said on Thursday its board approved a proposal to scrap the Australian miner’s dual-listed structure, ahead of a shareholder vote next month to decide on the matter.

The world’s top miner has been listed in Australia and the UK since 2001, when it merged with Billiton Plc, but the company proposed in August to consolidate the two by keeping its primary base in Sydney.

The company expects the unification to be complete by Jan. 31, 2022 on getting required regulatory clearances and after the shareholders’ vote for both, BHP Group Ltd and BHP Group Plc, is held on Jan. 20.

BHP will retain its standard listing on the London Stock Exchange, where it is currently the second-largest company, with its shares continuing to be traded on the Johannesburg and New York bourses, the company said.

Recent changes in the company’s portfolio, a drop in the earnings contribution from UK assets and a reduction in costs of unification influenced the board’s decision, BHP added.

(Reporting by Anushka Trivedi in Bengaluru; editing by Uttaresh.V)