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BHP hires four banks for U.S. shale exit ahead of early 2018 deadline - sources

Reuters - UK Focus

LONDON, Dec (Shanghai: 600875.SS - news) 12 (Reuters) - BHP , the world's largest miner, has asked four investment banks to help it prepare for either a sale or spin-off of its underperforming U.S. shale oil and gas unit, with a view to taking a decision in early 2018, sources said.

The mining company has hired Barclays (LSE: BARC.L - news) and Bank of America-Merrill Lynch to assess options for the sale of assets, including whether they would be sold together or separately, as they may appeal to different potential buyers.

It has also asked Citi and Goldman Sachs (NYSE: GS-PB - news) to research the potential spin-off of the unit into a new company, the sources said.

BHP, Citi, Bank of America (Swiss: BAC-USD.SW - news) -Merrill Lynch declined to comment. Barclays and Goldman Sachs did not reply to a request for comment. (Reporting by Clara Denina and David French. Additional reporting by Barbara Lewis; Editing by Gareth Jones)