BHP Billiton’s Goodyear Open to M&A Opportunities

Thursday, May 24, 2007
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BHP Billiton Chief Executive Chip Goodyear wouldn’t say whether the world’s biggest resources company is eyeing competitor Rio Tinto, but he didn’t rule out “opportunistic” takeovers in the current boom market.

“We always look at acquisition opportunities,” Goodyear told a business breakfast in Perth, responding to questions from the floor.

“We can be opportunistic,” he said, referring to the US$1.35 billion Genghis Khan oil project acquisition last year in the Gulf of Mexico.

That deal followed corporate takeovers of Australia’s WMC Resources in 2005 and South Africa’s Billiton in 2000, as Melbourne-based BHP tries to find homes for its huge cashflow generated from
growth projects and booming commodity prices.

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