BHP Billiton (ASX:BHP) has today announced a change to it's name.
BHP Billiton and BHP Billiton Plc will become BHP Group and BHP Group Plc respectively.
The name change comes following news BHP has reached a settlement agreement with the Australian Taxation Office over the transfer pricing dispute relating to its marketing operations in Singapore.
As part of the settlement BHP will pay a total of $529 million in additional taxes for years 2004 to 2018.
The dispute related to the amount of Australian tax payable as a result of the sale of BHP's Singapore marketing business.
The settlement fully resolves the longstanding dispute between BHP and the ATO for all prior years, being 2003 to 2018.
Shares in BHP (ASX:BHP) are trading 0.06 per cent lower to $32.38.