BHP Billiton announces $5.2 billion share buyback and promises to return proceeds from asset sales in the United States

SMM11: BHP said on Thursday that it would immediately launch its $5.2 billion share buyback program and that the remainder of its sale of onshore assets in the United States would be returned in the form of a special dividend.

The company set December 17 as based on a reduction in the number of shares issued and will determine the amount per share of its special dividend once the over-the-counter buyback is completed.

Andrew Mackenzie, BHP chief executive, said: "over the past two years, the return of $10.4 billion will bring the total amount of cash returned to shareholders to $21 billion."

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