Global mining giant BHP Billiton has agreed to buy shale gas interests from Chesapeake Energy Corp for $4.75 billion in its first move into shale gas as it looks to beef up its oil and gas business. In BHP's first big acquisition since a string of failed deals, the global miner said it was buying Chesapeake's holdings in Arkansas' Fayetteville shale natural gas field. "BHP have had four multi-billion deals which have tipped over so the market should be pleased that this is one that is going to go through and it is a change of direction in terms of looking at their petroleum division," said Ric Ronge, portfolio manager at Pengana Capital.
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