Reuters

BHP reshapes portfolio, set to quit London’s FTSE

MELBOURNE (Reuters) -BHP Group reported its best annual profit in nearly a decade on soaring iron ore prices, as the world’s biggest listed miner announced an exit from its $13 billion petroleum business in a portfolio shake-up that will see it leave London’s FTSE100 index. On a day of sweeping changes, BHP said it was going ahead with its Jansen potash project in Canada and, in a blow to the London Stock Exchange, unveiled plans to do away with its dual-listed share structure. The group plans to sell its petroleum assets to Woodside Petroleum Ltd, creating a new, bigger petroleum company to better navigate the energy transition and give shareholders greater choice in how they manage their fossil fuels exposure, Chief Executive Mike Henry said.

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