Deals
BHP May Add to $23 Billion in Share Buybacks as Profit Surges
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BHP Billiton Ltd. may add to almost $23 billion spent since 2004 buying back stock as the world’s largest mining company seeks to deploy cash generated by record profit, analysts and investors said.
BHP said yesterday it completed a $10 billion share buyback, six months ahead of schedule. Spending that amount again would still leave scope for a $65 billion acquisition in the second half without “excessive” stress on the Melbourne-based company’s balance sheet, said Richard Knights, an analyst at Liberum Capital Ltd. in London.