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BHP on Monday announced that it had simplified its corporate structure with just one primary listing under BHP Ltd on the Australian Stock Exchange (ASX), a secondary listing on the JSE, and a standard listing on the London Stock Exchange (LSE).
The company will also maintain an American Depositary Receipt programme on the New York Stock Exchange (NYSE).
The company previously held two primary listings, trading as BHP Ltd in Australia and BHP Plc in London.
This meant it had to have two sets of annual general meetings, abide by two sets of laws and two tax residencies.
The dual company structure arose from the merger with UK-based Billiton in 2001.
Trading in BHP Plc was suspended on the JSE and LSE on Monday, following the finalisation of the restructure.
BHP shares hit an all-time high last week on the JSE above R500, following completion of the unification programme and a production progress report suggesting the pivot to potash and away from thermal coal is moving according to plan.
The group expects to complete the merger of its petroleum business with Woodside by the second quarter of 2022, a move that improves its carbon emissions output. – Bloomberg
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