BHP Billiton in Demerger of South32

May 18, 2015

Cleary Gottlieb represented BHP Billiton in connection with various aspects of the demerger of its non-core assets to a new global diversified metals and mining company called South32. South32 will have a portfolio of high-quality assets producing alumina, aluminium, coal, lead, manganese, nickel, silver and zinc, while BHP Billiton will be focused on its core petroleum, copper, iron ore, coal and potash assets. The shares of South32 began trading on the Johannesburg Stock Exchange and the London Stock Exchange on May 18, 2015, with an initial market capitalization of $9.1 billion. Cleary Gottlieb is also helping South 32 with the establishment of a Level 1 ADR program to facilitate investment by US investors.

BHP Billiton is a leading global resources company, with a market capitalization at the time of announcement of the demerger in excess of $70 billion and over 120,000 employees and contractors.