Battered and bruised: A new BHP emerges

The big Australian is not waiting for a turnaround. Instead, the new regime has remodelled the company.

Summary: We have never seen a BHP with such a pro-shareholder distribution agenda. It has become very much akin to a toll road enterprise or a property trust and is distributing all the cash it generates and sometimes may borrow to pay dividends. But where returns are exceptionally high, it will invest rather than give money back to shareholders.


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