SPINOUT: BHPBilliton names newco “South32”

MELBOURNE, Australia – BHP Billiton says the new company it intends to create through its proposed demerger will be called South32. Most of the new company's assets are located in the southern hemisphere with two regional centres –...

MELBOURNE, Australia – BHP Billiton says the new company it intends to create through its proposed demerger will be called South32. Most of the new company's assets are located in the southern hemisphere with two regional centres – Australia and South Africa – linked by the 32nd parallel south line of latitude.

Graham Kerr has been designated the CEO of South32. In a news release he said, “Many of our assets are among the most attractive in their respective commodities and all have benefited from BHP Billiton’s structured approach to improving safety and performance. As we move to a regional model and develop a fit-for-purpose strategy, we have the potential to further improve performance.

“The demerger remains on track to be completed in the first half of the 2015 calendar year. Following the recent announcement of additional members of our experienced and high calibre senior executive team and the third party approvals already achieved at this stage, we are progressing well against plan,” he said.

South32's head office will be in Perth, Australia, with a regional head office and global shred services centre in Johannesburg, South Africa. It is to be incorporated in Australia and trade on that exchange as well as Johannesburg and London.

Details of the demerger are explained on the BHP Billiton website in the "Demerger" section under the Investors and Media button. (www.BHPBilliton.com/Demerger).

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