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  "documentTitle": "BHP Billiton (BHP)",
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  "authorName": "Elliott",
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  "presentationDate": "2017-04-10 00:00:00",
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      "text": "The Value Unlock Plan consists of three key steps. Each step is designed to individually contribute to unlocking significant shareholder value and we present them in the order in which management should undertake them.",
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      "text": "The Value Unlock Plan consists of three key steps: Step 1: Unifying BHP; Step 2: Demerging and separately listing BHP's US petroleum business; Step 3: Adopting a policy of consistent and optimal capital return to shareholders",
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      "text": "Unfortunately, management still cannot deliver optimal shareholder value because of: Its dual-listed company (DLC) structure; The intrinsic value of BHP's US petroleum business being obscured; Sub-optimal capital management at BHP",
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      "text": "BHP's management took an important first step towards shareholder value optimization by successfully demerging South32 in May 2015",
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