SHAREHOLDERS
BHP chief to discuss split call with critic
Melbourne/Perth — BHP’s top executive will meet major critic Elliott Management this week to discuss demands for a business overhaul that the activist group argues could deliver more than $22bn in value. BHP’s first-half results missed analysts’ expectations and the shares fell 4.6%, on pace for the biggest daily drop since April. The world’s biggest mining company will also canvass other shareholders on the proposal to reorganise as a single company listed in Australia. While flagging potential risks and costs associated with the New York-based fund’s demands, CEO Andrew Mackenzie pledged to discuss the issue further. He said he will probably say more after meeting with Elliott. The hedge fund, which has been campaigning publicly for a range of changes at BHP for almost a year, in February called on the company to conduct an independent study to review potential benefits of a restructuring. BHP currently operates as two entities based in Melbourne and London. The company is "open t...
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