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) said.
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