Bloomberg cited Mr Marius Kloppers CEO of BHP Billiton Limited as saying that takeovers are on his agenda even after pledging to spend USD 80 billion on BHP’s own projects.

He said that regulatory concerns are impeding iron ore takeovers by the world’s largest mining company though BHP’s potash copper and oil and gas businesses aren’t constrained in the same way.

Mr Kloppers last week unveiled a program to develop BHP’s mines and oil fields after three investments worth a total of more than USD 100 billion were knocked back in the past 4 years. While surging commodity prices have led to some very high asset valuations those conditions may not last.

He said that Cycles change on the ABC’s inside Business program. In 6 months time or a year’s time something else may come up. The oil and gas market is a very large one where there may be opportunities going forward.

Mr Kloppers after failing last year to buy Potash Corporation of Saskatchewan Inc said his view that asking prices are inflated is based on prevailing prices that we see today. Mining takeovers reached a near record USD 144.5 billion in 2010.

Metal prices in London almost doubled in the past 2 years as the global economy rebounded. In the last three months alone the LMEX London Metals Index of 6 metals including copper, aluminum and lead has surged 18%.

BHP has USD 16.1 billion of cash on hand. The company is expected to generate net income of USD 21.7 billion for the year ending June 2011. Anadarko Petroleum Corporation the Texas oil company with a market value of USD 40 billion and Woodside Petroleum Limited the Australian oil and gas producer valued on the stock exchange at AUD 33 billion has been named as possible targets for BHP.

(Sourced from Bloomberg)