BHP Billiton is acquiring Chesapeake Energy’s Arkansas shale gas assets for $4.75 billion, The Wall Street Journal reports. Chesapeake seeks to raise $5 billion in 2011 through the sale of its Fayetteville shale holdings and its stakes in two companies, adds Bloomberg. Bank of Nova Scotia is advising BHP on the deal, while Jefferies Group is advising Chesapeake. Separately, BHP is also repurchasing $5 billion off-market shares as part of its $10 billion program unveiled on Feb. 16, 2011.
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