Business & Finance

BHP Responds to ASIC Requests for Further Information

May 4th, 2001

BHP Limited today responded to Australian Securities and Investment Commission (ASIC) requests for additional information in connection with the proposed merger of BHP with Billiton Plc. The additional information is included in a letter to BHP shareholders to update them on merger progress. The document in question may be downloaded from here.

BHP Chairman Don Argus said: “We welcome the input of ASIC in reviewing the proposed merger transaction. One of the areas of information about which some shareholders have enquired has been the commodity and currency assumptions used in the merger valuation analysis.

 The merger with Billiton is a ground-breaking transaction. It transcends numerous international borders and regulatory jurisdictions. Its implementation requires a number of modifications to the law by ASIC.

 Discussions with ASIC have been underway for several weeks. The additional information, particularly the commodity and currency assumptions, provides further background to the Directors’ recommendations to our shareholders.