Mining giant BHP is set to leave the FTSE 100 index after unveiling plans to scrap the dual listing of its shares in London and Sydney.
The company, part of the UK’s blue chip index since 2001, will move its main listing to Australia as part of a huge shake up announcement on Tuesday.
BHP regularly tops the list of the FTSE 100’s biggest companies, depending on fluctuations in market values. The move will see some investor funds that track the FTSE sell BHP shares.
“Now is the right time to unify BHP’s corporate structure,” said Ken MacKenzie, chairman of the world’s biggest listed mining comany. “BHP will be simpler and more efficient, with greater flexibility to shape our portfolio for the future.
“Our plans announced today will better enable BHP to pursue opportunities in new and existing markets and create value and returns over generations.”
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