Investors hope BHP will look at a share buyback or special dividend, but analysts said the miner could also use its huge war chest to boost its oil-and-gas assets, Reuters reported.
Woodside and Australia's Oil Search have been touted as possible targets, with both stocks rallying since Ottawa indicated this week it would block the $39 billion Potash bid.
UBS analysts also pointed to US-listed Anadarko Petroleum as a potential target.
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