BHP Billiton has reached agreement with Toll Holdings for the sale of shares in BHP Stevedoring Pty Ltd and BHP Transport and Logistics (New Zealand) Ltd.

The two divested companies operate stevedoring and related services in Australia and New Zealand, supporting BHP Steel in Port Kembla and Westernport; OneSteel in Whyalla, TEMCO in Bell Bay, BHP NZ Steel and non-BHP Billiton customers.

Value from this sale includes a cash consideration and ongoing operating savings under Service Agreements with BHP Steel.

The transaction follows the sale of other non-core BHP Billiton transport and logistics businesses over the last six months and completes the review of the company's transport and logistics requirements.

President BHP Billiton Transport and Logistics Bruce McGowan said: "The sale of these excellent businesses to Toll provides for the delivery of world-class, low-cost stevedoring services to BHP Steel's operations.  

It also creates opportunities for our stevedoring employees to be part of a first-class dedicated integrated logistics and transportation group."

It is intended to transfer all of BHP Billiton's 220 permanent stevedoring employees to Toll Holdings.

BHP Billiton and Toll are aiming to complete the transaction by the end of April 2002.