BHP Billiton's coal-heavy spin-off has a whiff of Excel to it

HEAVY selling of BHP Billiton shares after this week’s proposal from the company to create a “coal heavy” spin-off reminded Hogsback of a similar event 10 years ago, and the high cost suffered by nervous investors.

BHP Billiton's coal-heavy spin-off has a whiff of Excel to it BHP Billiton's coal-heavy spin-off has a whiff of Excel to it BHP Billiton's coal-heavy spin-off has a whiff of Excel to it BHP Billiton's coal-heavy spin-off has a whiff of Excel to it BHP Billiton's coal-heavy spin-off has a whiff of Excel to it

Back in 2004 Excel Coal was a first-week flop as foundation investors scurried for the exits, allowing their $2 shares to slump as low as $1.88 in opening trades.

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