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BHP announces acquisition

BHP Billiton has announced the acquisition of some Chesapeake interests in the USA

22 February 2011

Mining and natural resources company BHP Billiton has announced it made an agreement to acquire all of Chesapeake Energy Corporation's interests in Fayetteville shale in the US.

Following successful sales negotiations between the two firms, BHP Billiton will now benefit from all the company's interests in the area, including the existing midstream pipeline system. BHP Billiton is expected to pay around $4.75 billion for the acquisition, which will be funded from the company's cash stock.

Chesapeake's Fayetteville shale assets include around 487,000 acres of leasehold and natural gas resources in Arkansas, which currently have a production level of more than 400 million cubic feet of gay every day.

Chief executive of BHP Billiton Petroleum J. Michael Yeager said: "This transaction marks BHP Billiton's entry into the US shale gas business. The operated position we are obtaining will immediately make BHP Billiton a major North American shale gas producer."

BHP Billiton itself is a result of sales negotiations and is a team up between global natural resources firm BHP and mining company Billiton.

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