BHP Billiton is buying shale gas assets from Chesapeake Energy Corp for $4.75 billion, pitting itself for the first time against oil giants and China in the battle for the fast-growing energy source in North America. The deal marks the top global miner's first attempt at picking up assets since failing on three mega-deals over the past three years and sets it further apart from its mining peers with a big bet on the world's biggest gas market. "BHP have had (three) 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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