BHP's CEO-elect says M&A not excluded, but not core

LONDON Wed Feb 20, 2013 10:04am EST

A woman gestures in front of a BHP Billiton sign during a half-year results briefing in Sydney in this February 16, 2011 file photo. REUTERS/Tim Wimborne

A woman gestures in front of a BHP Billiton sign during a half-year results briefing in Sydney in this February 16, 2011 file photo.

Credit: Reuters/Tim Wimborne

Related Video

Related Topics

LONDON (Reuters) - The incoming boss of BHP Billiton (BHP.AX), Andrew Mackenzie, said on Wednesday the world's largest miner would not exclude deals under his stewardship, though its strategy would remain focused on current assets.

Mackenzie is the latest of a new generation of bosses taking the helm at the world's biggest mining groups, at a time when incoming executives are preaching austerity, in contrast to the big-ticket acquisitions that bruised their predecessors.

"You would be wrong to say that M&A is completely excluded, but it is not central to the strategy that I am shaping up," he told reporters. "It is about running what we have extremely well."

Mackenzie was BHP's point man in Canada, along with BHP's now chief financial officer, Graham Kerr, on BHP's failed $39 billion bid for Potash Corp (POT.TO).

(Reporting by Clara Ferreira-Marques)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video