BHP (ASX: BHP), the world’s largest mining company, will stop trading on the London Stock Exchange next week after Australian and UK investors approved plans to simplify the group’s corporate structure and have its shares listed exclusively in Sydney.
More than 96% of BHP shareholders voted in favour of unification at special meetings on Thursday, the company said. The move is one of a series of key changes chief executive Mike Henry has kicked off since assuming the top post in early 2020.
The reserved Canadian has sold two of BHP’s long-standing coal assets, committed $5.7 billion toward Jansen, the company’s first potash mine and declared the end of the firm’s six-decade involvement in the oil and gas sector.
Henry has also made progress on repairing BHP reputation, tainted by events such as the deadly Samarco disaster, high-profile tax disputes and a US bribery probe. The delisting from London would end a 20-year-old arrangement that has seen an Australian company and a British company operate with the appearance of a single company, sharing all assets, profits and dividends.
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