BHP says demerger plans will drive growth

Sydney: The world’s biggest miner BHP Billiton Thursday defended its plan to split the company by spinning off non-core assets, saying it would generate stronger growth, with a vote on the demerger set for May.

BHP announced in August a proposal to create a new independent company by demerging some assets, including aluminium, manganese, silver and selected coal and nickel operations. Under the plan, the new entity — provisionally named NewCo — will be dual-listed in Sydney and London, with an additional listing in Johannesburg.