BHP under heat to return cash

ANGLO--AUSTRALIAN miner BHP Billiton’s boss is likely to face calls on Tuesday for a massive share buyback when he confronts shareholders in Australia after his third straight failure to pull off a major acquisition.

Chief executive Marius Kloppers’ latest deal, a $39bn bid for Potash Corp, appears headed for the scrap heap, after Canada all but vetoed it, leaving investors focused on the company’s $12.5bn warchest of cash and what to do with it. Kloppers has until 3 December to try and change Ottawa’s mind -- but investors have already written off any hope of a deal.