NEW YORK (TheStreet) -- Shares of BHP Billiton (BHP) are down -3.24% to $ 70.40 on very heavy trading volume after announcing what's poised to be the biggest spin off in the mining industry, separating aluminum, coal and silver assets to create a company valued at about $15 billion after it begins trading next year, Bloomberg reports.
TheStreet's Ruben Ramirez speaks with The Deal's Paul Whitfield about the details of the spin-off plan:
The new unit will operate in five countries from Australia to South Africa, the Melbourne-based producer said today in a statement, as it announced a 10% jump in full-year profit to $13.4 billion.A decision to skip a widely anticipated share purchase will disappoint investors, who had expected a $3 billion buyback, Citigroup (C - Get Report) said. Must Read: Warren Buffett's 25 Favorite Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. BHP data by YCharts EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE.