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Elliott Management raises stake in BHP Billiton to 5%, stepping up the pressure for strategic change at the miner

Published: 10:12 16 Aug 2017 BST

BHP Billiton mine
Elliott Management said it also still holds a small economic interest in the dual-listed firm's Australian shares

Elliott Management has raised its stake in BHP Billiton plc (LON:BLT) to 5%, stepping up the pressure on the global miner to consider the US hedge fund’s proposals for strategic change at the group.

In a statement, reported by Reuters, Elliott said it had converted its previous 4.5 % "economic interest" in the FTSE 100-listed company to a 5% shareholding in BHP Billiton's UK-listed shares.  It said it also still holds a small economic interest in the dual-listed firm's Australian shares.

READ: BHP Billiton outlines plans to grow value after Elliott Management calls for strategic review

In April, New York-based Elliott urged BHP Billiton to consider some radical moves to unlock shareholder value.

In a letter sent to BHP Billiton directors, Elliott said the firm should scrap its dual-corporate, Anglo-Australian structure, demerge its oil business and rejig its capital return policy.

Since then the investor has backtracked on its proposal for BHP Billiton to have its main listing in London, following opposition from the Australian government, but has repeated calls for the firm to overhaul its petroleum business.

In its latest statement, Elliott said: "Recent statements by the company give us confidence that Chairman-elect Ken MacKenzie will heed shareholders' calls to take constructive steps to enhance value for BHP and its owners.”

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