Why glum on BHP, Blighty?

The probable explanation for BHP Billiton’s London sell-off is disappointment with the lack of capital return. Given the nature of the miner's demerger, that reaction is hard to understand.

The London-ignited sell-off of BHP Billiton today, after the announcement of its spin-out of second-tier assets on Tuesday, appears to have been driven by investor disappointment about the absence of conventional capital management rather than in response to the detail of the assets to be demerged.


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