The investment house says a bid to buy two multibillion-dollar mines from BHP will destroy value, and that the money should be returned to shareholders.
Bell Rock is pushing for the company to return more money to shareholdersThe investor pushing to stop Whitehaven Coal’s acquisition of two major BHP mines in a multibillion-dollar deal is secretive London hedge fund Bell Rock Capital Management,The Daunia and Blackwater mines in Queensland – expected to receive bids of between $US3.5 billion and $US5 billion – were put up for sale by BHP and its joint venture partner, Japan’s Mitsubishi, in February.
With a market capitalisation of some $6 billion, the acquisition of the two major mines in Queensland would be a significant change for Whitehaven. BHP cited two reasons for selling the mines, a process which is being conducted by Macquarie Capital: the company wants to focus on commodities required for a transition to cleaner energy generation, and a Queensland tax hike which made the economics of the mine more difficult.
There is little information publicly available about Bell Rock; sources indicated it had told other investors it had a sizeable share in Whitehaven, and had been attempting to engage the company’s board for months. Bell Rock has an office of around 50 staff in London. In July, the company noted it had returned $1.6 billion to shareholders through dividends and buy-backs and had cash after debts accounted for of some $2.65 billion.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Our own little congregation’: the people of London’s soon-to-close Smithfield marketPoultry market is closing this month and all meat traders will be gone in five years as historic site becomes new home of Museum of London
Read more »
‘You’re an athlete in both’: how music and women’s football share close ties in LondonWith scores of artists playing for local teams across the capital, it’s no wonder these squads double as nurturing creative hubs
Read more »
Qantas accused of misleading conduct over advertising flight own sales staff could not findAirline denies misleading conduct after customer was unable to find flight to London for advertised $2,455 return price
Read more »
Hedge funds double-up on shorts after rush to unwind stock betsFlows into equity-focused exchange-traded funds have turned negative in the past week, data compiled by Bloomberg show.
Read more »
Tamarama house sells for $13.55 million, tripling its price in 7 yearsAll interested buyers were locals keen on upsizing from their current homes in the suburb.
Read more »
The rise of ‘house hushing’: is it the key to a tranquil life?‘House hushing’ is a new interiors trend that’s making (the right kind of) noise in these troubling times. Here, experts reveal how to turn down the volume and create peace
Read more »