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BHP backs Kloppers after failed mergers

By Daily Mail Reporter
Updated: 04:19 EDT, 10 May 2011

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BHP Billiton's chairman Jac Nasser was forced to defend his chief executive amid investor disquiet that Marius Kloppers may leave the firm by the end of the year after three failed mergers.

Job record: Marius Kloppers has presided over three failed merger attempts

Nasser said: 'The board believes that Marius is a good leader and that his performance is good and strong.'

Since Kloppers took the helm in October 2007 he has presided over a failed bid for Rio Tinto, one for Canada's Potash Corp and a failed Pilbara iron ore merger with Rio in Western Australia.

One UK-based fund manager said: 'It is extremely disappointing that during the downturn in commodity prices in 2008 BHP did not take advantage of that unique opportunity to buy assets. Kloppers must bear much of the blame for that.'

Nasser added that China's demand for raw materials would keep commodity prices strong over the midterm.

Shares fell 24p to 2406p.

Meanwhile, platinum miner Lonmin said its first-half pre-tax profit rose 106% to £97.3m on sales up 42% to £574m as commodity prices increased.

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