Elliott raises its bet on a ‘more responsive’ BHP under new leadership
Melbourne — BHP Billiton appears to be heeding investors’ calls for change, activist shareholder Elliott Management said, disclosing it has boosted its holding in the world’s biggest mining company. Paul Singer’s Elliott raised its stake in BHP’s London-traded shares to 5%, the fund said Wednesday in a statement, from a 4.1% interest in April. The fund has an economic interest in 0.5% in BHP’s Sydney-listed shares, according to its website. Elliott is continuing to press for BHP to enhance returns, simplify its corporate structure and overhaul its oil and gas unit. Recent company statements indicated incoming chairman Ken MacKenzie was likely to "heed shareholders’ calls to take constructive steps to enhance value", Elliott said. BHP declined to comment. "The election of a new chairman is an opportunity for action," the fund said. "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...
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