The Morrison Government welcomes BHP’s decision to consolidate the company’s dual-listed company structure into a single entity listed on the Australian Securities Exchange (ASX), which yesterday received the final regulatory approval.
BHP is the world’s largest mining company with a long and deep connection with Australia. BHP employs over 40,000 Australians and last year alone generated more than $34 billion of economic activity in Australia. The single listing will make BHP the largest company listed on the ASX.
BHP’s plan required approval under the Foreign Acquisitions and Takeovers Act 1975 and enforceable conditions were imposed to ensure that BHP’s unification would not be contrary to Australia’s national interest.
These conditions are consistent with the conditions imposed in 2001 by the then Treasurer, Peter Costello, when the merger of BHP Limited and Billiton Plc was approved, but the conditions have been updated to remove conditions that are no longer relevant.
In particular, the conditions require that:
- BHP remains an Australian resident company, incorporated under the Corporations Act 2001 and listed on the Australian Securities Exchange;
- the headquarters of BHP (including the corporate head office for the entire group of companies) are in Australia;
- the Chief Executive Officer of BHP has their principal place of residence and principal office in Australia;
- the headquarters of BHP are publicly acknowledged as being in Australia in significant public announcements; and
- the majority of BHP Board meetings each year are held in Australia.
This approval will enable BHP to continue to make a significant contribution to Australia’s economy while operating in a number of other jurisdictions.