Finally, HSBC Holdings plc upgraded shares of BHP Billiton Limited from a "hold" rating to a "buy" rating and reduced their price target for the stock from $41.79 to $25.75 in a research report on Wednesday, April 19th.
Among their demands, Elliott Management wants to see BHP end their dual-listing, spin off oil and gas assets in the USA and increase returns to shareholders.
Miner BHP Billiton Monday announced it would drop the name Billiton in a re-branding exercise to build its standing as a major Australian company rather than a multinational giant.
It ratcheted up the pressure on BHP management on Tuesday, sending a letter to the board calling on the world's biggest mining company to conduct an independent review of its oil unit.
BHP said it was disappointed Elliott believed the company was not open to suggestions and dismissed criticism it had been misleading in its response to the New York-based investor's calls for a change in strategy.
"As we progress this project we continue to optimize the development path as to how we might add a mine to those shafts so we can reduce risk and unlock value", Mackenzie said.
Elliott Management Corp.'s latest call to action comes after BHP Billiton Ltd.in April spurned the activist hedge fund's push for changes to BHP Billiton's dual-listed structure, a spinoff of its US petroleum business and the return of more cash to.
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BHP Billiton Plc is a global resources company. BHP Billiton plc has an average rating of Hold and a consensus target price of $37.50. It said there are a number of options that would unlock value-including selling or spinning off the USA business, and a sale or Sydney listing of the Australian and other oil and gas assets.
"Our assessment is that the tax benefits and the aggressive marketing margins which BHP was seeking in using this structure are unsustainable".
BHP advanced 0.8 percent to A$24.02 in Sydney trading Tuesday, extending gains in the past year to 29 percent.
On its website, fixingbhp.com, Elliott also criticised BHP's track record on share buybacks and suggested the company make a $6 billion buyback in 2018.
Mr Mackenzie said BHP also had $US25 billion worth of growth projects that would achieve returns north of 16 per cent, such as mining deep underground at Spence copper mine in Chile.
Elliott wants to dissolve the company's costly dual-listed structure, with assets transferred to a new company to be incorporated and listed in Britain.