BHP 1.01% $35.19 bhp group limited

another stunning argus negotiation, page-2

  1. 119 Posts.
    Hi Ridge,

    Michael Pascoe had an interesting spin on this story on ninemsn at the time of Gilbertsons resignation. He opined that if the BHP board had wanted to save their sharholders money by "merging" with Billiton rather than acquiring them in a hostile situation, an extra $50m to pay off Gilbertson was not a bad deal and could be considered immaterial in a $3.8bn takeover.

    The board had to agree to have him a CEO to get the merger done, but it was really only a goodwill gesture and they would try and get him to go at the earliest opportunity and insert their choice for Andersons replacement being Goodyear who was brought in as CFO.

    Interesting theory, if there is some truth then it could prove that BHP got a bargain by merging with Billiton and saved their shareholders plenty in the long term although the $50m hit in the short term would create a lot of negative press for the company.

    Time will tell if the Billiton assets are all that special in the forst place and if BHP-Billiton can derive further value for shareholders out of them. Also, whether the year that it took for Goodyear to get in the job has been lost due to Gilbertson not really adding anything to the company in a strategic sense as the board was focused on the leadership of the company.

    Thoughts?

    Cheers

    Merkin

 
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