Elliott Says Stake in BHP Billiton Rises
16 August 2017 - 9:00AM
Dow Jones News
By Robb M. Stewart
MELBOURNE, Australia--New York hedge fund Elliott Management
Corp. said it now holds 5% of BHP Billiton Ltd.'s (BHP.AU)
London-listed shares, which it says makes it well placed to monitor
the resources giant's progress and hold it accountable for
delivering results.
In a statement Wednesday, the activist investor said the recent
selection of director Ken MacKenzie as successor to Chairman Jac
Nasser was an opportunity for BHP to take heed of shareholders'
calls for sweeping changes.
Elliott for months has campaigned for BHP Billiton to exit its
U.S. onshore oil-and-gas operations and launch an independent
review of its global petroleum division, shift its approach to
capital to ensure greater returns to shareholders and to unify its
dual U.K.-Australia listed structure around a single listing in
Sydney.
"With new leadership, shareholders fully expect the true value
of their company to be unlocked, something which we are confident
BHP's chairman-elect has firmly in mind as he takes the reins,"
Elliott said.
When Elliott went public with its proposals for BHP in April, it
said it held about a 4.1% stake in the London shares.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
August 15, 2017 18:45 ET (22:45 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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