In 1985, BRL acquired 13% of U.S. mining company Asarco for $140 million and made an unsuccessful bid for Perth utility Fremantle Gas & Coke. Also in 1985, BRL made its biggest and most daring bid to date for control of resources and steelmaking giant BHP, which was Australia's largest company. Before the deal was finalised the following year, Elders IXL took a 20% stake in BHP, for $2 billion. In turn, BHP purchased $1 billion of Elders preference shares. The deal later resulted in action against Elders executives, including chairman John Elliott by the corporate regulator. BRL also spent US$800 million, to acquire 9.6% of Texaco stock.