Hedge fund Elliott Management raises stake in BHP in push for change

Melbourne

HEDGE fund Elliott Management has raised its stake in BHP Billiton to 5 per cent, bolstering its position to agitate for change at the top global miner, but signalled its support for the incoming chairman.

New York-based Elliott launched its effort in April, at which point it held a 4.1 per cent "economic interest" in BHP's UK-listed shares, calling for the company to quit all or part of its petroleum business, boost returns and ditch its dual listing.