BHP's big mistake

The oversight from Andrew Mackenzie has called into question the planned spin-off and may have also been a factor in the miner’s weakened share price.

Summary: BHP Billiton has failed to understand the needs of its London-based institutional investors with its decision to only list the spin-off company in Australia and South Africa. This, along with the absence of a share buyback, falling commodity prices and increasing unease over the timing of the split, has resulted in a slide to the share price since mid-August. 

Key take-out: Without a sustained share price recovery, it’s likely BHP will come under heavy questioning for its plans to split its operations at next month’s annual meeting in London.

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