Deals
Hedge Fund's Activist Plan for BHP Gets Cautious Reaction
- U.S.-based Elliott Capital seeks $22 billion oil & gas spinoff
- One of biggest shareholders disagrees with plan to sell assets
BHP Billiton Dismisses Elliot Capital's Proposal
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Hedge fund billionaire Paul Singer reckons his proposal to overhaul the world’s biggest mining company will win over most of its shareholders. A few are already questioning the plans.
Singer’s Elliott Management Corp., with a record of using stakes in companies as a platform to wring concessions for shareholders, on Monday issued a letter to BHP Billiton seeking a spinoff of the miner’s estimated $22 billion of U.S. oil assets, higher returns for investors and changes to its stock exchange listings.