History but of some interest.
In 2000 BHP Billiton de-merged One Steel (now Arrium)and in 2002 BHP Billiton de-merged BHP Steel now BlueScope)
Both were demerged because they were considered non core and were lower ROE than the Petroleum and Mining businesses.
Both companies performed well in the bouyant market up until the GFC hit.
Of particular note is the debt that the de-merged company is saddled with by the coporation. It is commonly felt that One Steel was saddled with too much debt, which became an urgent issue for them to manage overcome ( which they achieved). On the second de-merger, BHP Steel's debt was more manageable.
Perhaps BHP Billiton learnt something by the process.
FT
any thoughts on the de-merger?, page-3
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