Sydney — Activist investor Elliott Management upped the pressure for strategic changes at BHP on Tuesday, calling for an independent review of the mining giant’s petroleum business. Elliott, which has built up a 4.1% stake in BHP’s UK-listed arm and is urging changes to boost shareholder value, said there were clear signs that the market was receptive to a new strategy for BHP. "There is extremely broad and deep-rooted support for pro-active steps to be taken by management to achieve an optimal value outcome for BHP’s petroleum business following a formal open review," it said in letter to management. Elliott, founded by billionaire Paul Singer, has been pushing for BHP to collapse its dual-listed structure, spin off its US oil and gas assets, and boost returns to shareholders since tabling its proposals on April 10 — all of which BHP has rejected. Its latest letter, which did not name any other shareholders, was released just hours before BHP CEO Andrew Mackenzie was scheduled to s...

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