June 30, 2001	atimes.com

Oceania BHP Billiton strides onto world stage MELBOURNE - Australia closed the page on a chapter of its history on Friday when it said goodbye to business icon BHP. The former Broken Hill Proprietary Co Ltd is no more and in its place is BHP Billiton Ltd, a $A60 billion ($US30.3 billion) mega-mining company, that takes its position on the global stage. It will be a vast change from BHP's humble beginnings, growing from its first lead, zinc and silver mine in Broken Hill in New South Wales. For many, the company once tagged "The Big Australian" was the face of Australian business. Now that will be official as BHP Billiton becomes the biggest diversified miner in the world. The formal union of the assets and management of BHP Ltd and Billiton Plc took place with little fuss or fanfare on Friday, the companies keen to portray a "business as usual" attitude. However, bowing to intense local interest, BHP arranged a largely symbolic flag-raising ceremony outside its Bourke Street headquarters in Melbourne. The most notable change to the casual observer was the difference in the BHP share price, which effectively halved due to a bonus issue of shares to BHP investors, designed to equalize the companies. In terms of the business, BHP Billiton will be able to "hit the ground running" after extensive work by integration teams, according to chief executive Paul Anderson. The integration work would allow BHP Billiton "to move rapidly to realize the vast potential of BHP Billiton", he said. The merger itself is expected to cost US$98 million, which is due to be split US$43 million for BHP and US$55 million for Billiton. Investors will get their first taste of the success of the BHP Billiton merger when the company reports its financial results as a consolidated unit on August 20. Some market observers are already tipping a net profit in the vicinity of US$2.3 billion. Headquartered in Melbourne, BHP Billiton will be publicly listed in Australia and the United Kingdom. It will command a portfolio of assets which include aluminium, iron ore, coal, zinc, nickel, copper, silver, as well as oil and gas. However, by the end of next year, the company intends to exit the steel industry, ending its 86-year association with the business. (Asia Pulse)

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