Shareholders are playing down speculation that top global miner BHP Billiton is lining up a bid for Australian oil and gas producer Woodside Petroleum , saying at least in the near term it made little sense. The biggest clue that BHP is not close to any deal is that it has not suspended its off-market share buyback, with the tender for shares due to close on April 8. In previous cases, BHP has suspended share buybacks ahead of announcing a deal, such as in late 2007 before it approached Rio Tinto with a takeover offer. Australian company rules require it to disclose all material information ahead of a buyback.
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