Billionaire Hedge Fund’s Plan for BHP Gets Cautious Reaction
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U.S.-based Elliott Capital seeks $22 billion oil & gas spinoff
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One of biggest shareholders disagrees with plan to sell assets
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.
Publication of the 10-page letter follows last year’s recovery in the mining industry from a crisis in 2015. BHP’s profit jumped more than seven-fold in the fiscal first half as commodity prices surged and it cut costs and debt…
Billionaire Hedge Fund’s Plan for BHP Gets Cautious Reaction
