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‘You Wouldn’t Do It’: BHP Chair Regrets $20 Billion Shale Spree

  • Jac Nasser says the timing of 2011 transactions was ‘way off’
  • Activist investor Elliott has called for review of oil unit
Jac Nasser.

Jac Nasser.

Photographer: Patrick Hamilton/Bloomberg
Updated on

BHP Billiton Ltd. Chairman Jacques Nasser said the timing of its $20 billion spree into U.S. shale in 2011 was a misstep and that if the miner could turn the clock back it wouldn’t have invested in the assets.

The comments from Nasser, who will pass over the chairman’s baton to its youngest director Ken MacKenzie on Sept. 1, follow similar remarks from Chief Executive Officer Andrew Mackenzie, who said in May the deals were poorly timed.