Activist investor Elliott gets support for structural changes at BHP Billiton
Sydney — Global fund manager Aberdeen Standard Investments fully supports activist investor Elliott Management’s push for widespread structural changes at mining giant BHP Billiton, a senior Aberdeen manager said on Wednesday. Commenting a day before BHP holds its Australian general meeting in Melbourne, where the board of the world’s biggest mining house is expected to come under renewed scrutiny over its ill-fated $20bn investment in US shale, Aberdeen Asia MD Hugh Young said Elliott was "100% correct" in pressuring for change. Aberdeen is the third-biggest shareholder in BHP’s London-listed stock, with a 4.88% stake, just behind Elliott, which has a 5.04% holding, according to Thomson Reuters data. Elliott, founded by billionaire Paul Singer, has been pushing for BHP to jettison US oil and gas assets and dismantle its dual-listed structure. It has also staged an unusual public campaign to muster small investors to help drive changes at BHP, one of the most recognisable corporate ...
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