SYDNEY Activist investor Elliott Management upped the pressure for strategic changes at BHP (BHP.AX) BLT.l on Tuesday, calling for an independent review of the mining giant's petroleum business.Elliott, which has built up a 4.1 percent stake in BHP's UK-listed arm, released a letter saying there was "broad and deep rooted support" for pro-active steps to release value from the petroleum business. Its favoured option is a full or partial demerger.
Elliott, founded by billionaire Paul Singer, has been pushing for BHP to collapse its dual-listed structure, spin off its U.S. oil and gas assets, and boost returns to shareholders since tabling its proposals on April 10 - all of which BHP has rejected.
Responding to concerns raised by the Australian government, it said on Tuesday that BHP could remain incorporated in Australia and stay an Australian tax resident, retaining full listings on the Australian and London bourses.
BHP had no immediate comment on the latest proposal. (Reporting by James Regan; Editing by Richard Pullin)
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Updated Date: May 16, 2017 07:00 AM