BHP Billiton shareholders have approved the demerger of South32, with the demerger resolution vote achieving 98.05% in favor. The simultaneous shareholder general meetings took place in Perth and London to approve the demerger of South32 from BHP Billiton.
BHP Billiton Chairman Jac Nasser welcomed the overwhelming support by shareholders of the demerger. “The demerger of South32 simplifies BHP Billiton’s portfolio while retaining the benefits of scale and diversification. We believe that the demerger will create two successful companies in BHP Billiton and
South32,” Nasser said. “The demerger of South32 is a major step forward in the evolution of BHP Billiton, and our board believes it will create long-term value for our shareholders.”
South32 will be a globally diverse metals and mining company with a portfolio of cash generative assets producing alumina, aluminum, coal, manganese, nickel, silver, lead and zinc. South32’s head office will be in Perth, with a regional head office and global shared services center located in Johannesburg.
BHP Billiton will cease trading with an entitlement to South32 shares from the end of May 15 on the ASX, LSE and JSE.