/ 15 May 2001

SHAREHOLDERS BACK BHP MERGER – BILLITON

MINING firm Billiton said on Sunday its investors had thrown their weight behind its proposed US$28bn merger with Australia’s BHP. Billiton said votes representing more than half of its share capital had already been received and nearly all were in favour of the merger proposal that will be put to a shareholders’ meeting on Tuesday. The merger, if approved by both companies’ shareholders, would create the world’s second largest metals and mining group, with a dual listing in London and Australia and interests in aluminium, chrome, copper, iron ore, natural gas and oil. Analysts had expected little opposition to the deal itself, but said some shareholders might abstain to show displeasure at executive bonuses tied to the merger resolution. – Reuters