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BHP Billiton Limited (ASX:BHP) will buy Leighton Holdings Limited (ASX:LEI) iron ore business in Western Australia's Pilbara region for around $705 million.
Both companies have inked a deal for the sale of Leighton’s HWE iron ore entities and assets that provide iron ore contract mining services to BHP in Western Australia.
The three operations account for around 70 per cent of BHP's iron ore mining in the state, generating around $1.1 billion of annual revenue.
Leighton says the purchase price represents substantial value as the business was purchased out of administration in 2006.
Subject to approvals the transaction is due to close by the end of 2011.
Leighton says it is also currently tendering for new mining opportunities in Western Australia.
In the six months to December 31, 2010 Leighton Holdings booked a net profit of $218 million.
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Last
$40.65 |
Change
-0.010(0.02%) |
Mkt cap ! $203.9B | |||
| Open | High | Low | Value | Volume |
| $40.97 | $41.05 | $40.62 | $61.61M | 1.506M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 12 | 1586 | $40.65 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $40.66 | 1954 | 12 |
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