Activist investor Elliott slams BHP Billiton for "do nothing" approach

 
William Turvill
Follow William
FILES-CHILE-MINE-ESCONDIDA-STRIKE
Elliott commenced its campaign on BHP Billiton early last month (Source: Getty)

Activist investor Elliott today cranked up the pressure on miner BHP Billiton, calling for an independent review of its petroleum business.

In its latest attack, Elliott also criticised BHP, which is listed in the UK and Australia, for having a “do nothing” approach.

The statement from Elliott comes after BHP dismissed the hedge fund’s “shareholder value unlock plan”.

Read more: Elliott launches legal petition to oust AkzoNobel chairman

The investor today published documents claiming to show BHP has “substantially underperformed” rival Rio Tinto, the FTSE 100, S&P 500 and ASX 200 in recent years.

Elliott unveiled its plans to unlock up to $46bn (£36bn) of value in the firm in early April.

Today, as well as calling for an independent review of the petroleum business, Elliott also made a revised proposal for “unification” under which BHP would remain incorporated, headquartered and listed in Australia.

Read more: BHP Billiton faces another shareholder revolt

Related articles