Australia says changes to BHP corporate structure need to fit national interest

Reuters  |  SYDNEY 

SYDNEY (Reuters) - Any significant changes to the corporate structure of Anglo-Australian miner would need to be consistent with a "national interest" test under the law, the Australian said on Tuesday.

Activist shareholder Elliott Advisors on Monday proposed scrap its dual-company structure in favour of a primary listing in London and a secondary listing in Sydney.

"A change in the corporate structure and listing arrangement would need to be carefully considered against the provisions of the Foreign Acquisitions and Takeovers Act," a spokeswoman for Australian Treasurer Scott Morrison said on Tuesday.

"If the changes were significant they would need to be consistent with Australia's test under that Act."

The Australian in 2001 approved the merger of Melbourne-based and London-based based on a number of conditions designed to ensure the miner kept close ties to

(Reporting by Jamie Freed; Editing by Clarence Fernandez)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Australia says changes to BHP corporate structure need to fit national interest

SYDNEY (Reuters) - Any significant changes to the corporate structure of Anglo-Australian miner BHP Billiton would need to be consistent with a "national interest" test under the law, the Australian government said on Tuesday.

SYDNEY (Reuters) - Any significant changes to the corporate structure of Anglo-Australian miner would need to be consistent with a "national interest" test under the law, the Australian said on Tuesday.

Activist shareholder Elliott Advisors on Monday proposed scrap its dual-company structure in favour of a primary listing in London and a secondary listing in Sydney.

"A change in the corporate structure and listing arrangement would need to be carefully considered against the provisions of the Foreign Acquisitions and Takeovers Act," a spokeswoman for Australian Treasurer Scott Morrison said on Tuesday.

"If the changes were significant they would need to be consistent with Australia's test under that Act."

The Australian in 2001 approved the merger of Melbourne-based and London-based based on a number of conditions designed to ensure the miner kept close ties to

(Reporting by Jamie Freed; Editing by Clarence Fernandez)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22