BHP says costs of Elliott plan outweigh benefits
Activist hedge fund seeks to overhaul BHP's corporate structure and spin off its US oil division
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Sydney
ANGLO-AUSTRALIAN miner BHP Billiton said on Wednesday a minor shareholder's proposal to overhaul its corporate structure and spin off its US oil division was flawed and would involve costs far beyond any benefits.
BHP made the comments in a detailed response to a letter from Elliott Advisors seeking the end of a structure that bases the firm in both London and Sydney, claiming that and other measures could unlock up to US$46 billion in shareholder value.
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