BHP Billiton managing director and chief executive Paul Anderson said the combined group will have the financial strength, international scope and enhanced skills to deliver major growth opportunities and value to shareholders, customers, employees and local communities.
"BHP Billiton aims to be the industry leader in respect of returns to our shareholders, sustainable value creation for all stakeholders and the highest standards of health, safety and environmental practice," he said.
"The combination of world-class assets, outstanding cash generation and a common commitment to realise future growth opportunities, provide the platform for high value growth going forward. The excellent work done by the various integration teams enables us to 'hit the ground running' and to move rapidly to realise the vast potential of BHP Billiton."
BHP Billiton will occupy industry-leader, or near-leader, positions in aluminium, metallurgical coal, seaborne steaming coal, copper, ferro-alloys, iron ore and titanium minerals. The Group also has substantial world-wide interests in oil, gas, liquefied natural gas (LNG), nickel, diamonds and silver.
BHP Billiton will be run by a unified Board and management team, with headquarters in Melbourne, Australia and a significant corporate management centre in London.
The integration process is well advanced with senior management positions at both the corporate and customer sector group levels appointed. Governance arrangements as well as the Group's health, safety, environment and community policy and associated standards have been defined. Portfolio management priorities have been defined as has the global marketing structure which entails twin marketing hubs in The Hague and Singapore
The company said areas of further focus include: proceeding with the integration programme, including the finalisation of additional management appointments; establishing detailed business plans and strategies at the corporate and customer sector levels; detailed plans to capture the merger benefits; evaluating and sequencing the group's quality growth opportunities; and optimising the financing and balance sheet arrangements for the group.
The first combined meetings of the BHP Billiton Ltd and BHP Billiton Plc boards will be held in Melbourne in August 2001.
