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By David Winning
SYDNEY -- BHP Billiton Ltd., the world's biggest mining company by market value, said it would return $10.4 billion to shareholders via a stock buyback and special dividend.
The move comes after completing the sale of its U.S. onshore oil and natural gas assets.
BHP -- which has faced pressure from activist investor Elliott Management Corp. to improve returns -- said the latest outlays would bring the total cash handed back to shareholders over the past two years to $21 billion.
The Melbourne-based company said it planned to buy back shares worth $5.2 billion and pay a special dividend to shareholders totaling $5.2 billion. It said the capital-management program would begin immediately.
On Wednesday, BHP completed the sale of the bulk of its U.S. oil and gas unit to BP PLC, ending a costly saga that left the company roughly $20 billion worse off.
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(END) Dow Jones Newswires
October 31, 2018 18:22 ET (22:22 GMT)
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