On April 10, Elliott International, which owns 4% of the shares of BHP Billiton, issued a letter to the board describing proposed changes to the company’s structure, portfolio and capital management in response to what they call “chronic underperformance.” Some of these changes included combining the dual-listed company (DLC) structure and demerging the U.S. petroleum business and a sale or ASX listing for the Australian and other remaining petroleum assets.

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