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  "documentTitle": "BHP Billiton (BHP)",
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  "presentationDate": "2017-04-10 00:00:00",
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  "notes": "Includes a structural diagram comparing current vs. proposed state, a bar chart showing asset/profit splits, and a line chart showing historical price discounts.",
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      "text": "A premium/discount price distortion frequently occurs between the shares of Plc and the shares of Ltd. Since the DLC merger in 2001, Plc has traded at an average 12.7% discount to Ltd",
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      "text": "Current BHP group structure vs Unified BHP",
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      "text": "Source: Company filings and Elliott's estimates. 1-5 footnotes.",
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      "text": "We believe that most of Plc's assets were divested via the South32 demerger... A premium/discount price distortion frequently occurs... Unification would be implemented by way of inter-conditional share-for-share schemes...",
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      "text": "Misalignment of profits vs. shareholder base in the DLC structure – solved by unification",
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