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      "text": "In the BHP 2022 Reunification, the valuation gap closed not through the Australian listing de-rating to the lowest UK level, but rather vice versa.",
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      "text": "BHP's Relative Total Shareholder Return vs. Rio Tinto - Between DLC Unification Announcement & Completion",
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      "text": "Source: Bloomberg. Note: Cumulative daily total shareholder return assumes dividends are reinvested and converted to US$ at daily foreign exchange rates. (1) Based on closing share price on day prior to BHP's unification announcement (17-Aug-2021) and completion (31-Jan-2022); BHP Plc vs. Rio Tinto Plc returns calculated from price history of ADRs of respective UK issues",
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      "text": "\"In the BHP 2022 Reunification, the valuation gap closed not through the Australian listing de-rating to the lowest UK level, but rather vice versa.\" — Morgan Stanley, November 2024",
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      "text": "The BHP Precedent Serves as a Clear Example of the Plc Line Trading Up Towards the Ltd Line Through Unification",
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