BHP follows Rio, Fortescue with major share buyback
Date: Dec 17, 2018
BHP has completed a $US5.2 billion ($7.3 billion) buyback of company shares for distribution to shareholders.
The buyback was announced in light of BHP’s high-profile sale of its onshore US gas assets in Arkansas and Texas for $US10.8 billion, which was finalised in October.
BHP now joins an exclusive list of mining companies that announced major buybacks in 2018.
Rio Tinto announced in September that it was returning $US3.2 billion to shareholders through an off-market share buyback of up to 41.2 million shares in addition to a further on-market Rio share purchases down the track.
Fortescue Metals Group then followed this in October with its own announcement of a $500 million buyback to remain in place for 12 months due to strong performance in the financial year.
