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Alternative Market Briefing

Activist hedge fund Elliott holds 5% shareholding in biggest mining firm BHP Billiton

Wednesday, August 16, 2017

Komfie Manalo, Opalesque Asia:

New York-based Elliott Management, one of the world's most known activist investors, disclosed it now holds 5% of the issued shares of the world's largest mining firm BHP Billiton Plc.

The company said in a statement, "Since Elliott initiated a public conversation on BHP's performance and opportunities to create value for all shareholders, BHP appears to have taken steps toward a smarter, more value-generative way of conducting business, and we support and encourage continued progress."

It added that recent statements by the company give the hedge fund confidence that Chairman-elect Ken MacKenzie will heed shareholders' calls to take constructive steps to enhance value for BHP and its owners, including a full exit from U.S. shale and an in-depth, open and truly independent review of the petroleum business' place in BHP's portfolio. BHP management's comments and indications regarding BHP's oil and gas assets so far have been encouraging.

"We and other shareholders look forward to hearing more from management on this subject, following the growing analyst and shareholder consensus that BHP should exit U.S. shale," Elliott said.

The activist hedge fund also believes that MacKenzie would institute a new responsible approach and philosophy regarding capital allocation. "Such an approach will ensure that the s......................

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