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Arizona deal a sign of relaxed capital discipline?

BHP’s long march to a clean and cash-rich balance sheet is starting to excite resource-sector investors with more surplus assets being sold or prepared for sale, but just when the days of wasteful takeover deals seem like a bad memory the son-of-BHP has served up a reminder.

Arizona deal a sign of relaxed capital discipline? Arizona deal a sign of relaxed capital discipline? Arizona deal a sign of relaxed capital discipline? Arizona deal a sign of relaxed capital discipline? Arizona deal a sign of relaxed capital discipline?

South32, the BHP spin-off which took most of the parent company's base metal assets when cut free three years ago, surprised the market earlier this week with its US$1.3 billion cash offer for t...