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  "documentTitle": "BHP Billiton (BHP)",
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  "authorName": "Elliott",
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      "text": "The demerger would allow a clear value re-rating for both BHP’s US petroleum business and the remaining core BHP business",
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      "text": "Although we can see a clear rationale for core BHP currently retaining BHP’s remaining petroleum assets, we believe that management should assess the potential benefits of a subsequent sale/demerger of these assets on an ongoing basis",
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      "text": "The existing US petroleum business (comprising BHP’s US onshore and Gulf of Mexico petroleum assets) has not been able to demonstrate an ability to successfully contribute to shareholder value at BHP",
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      "text": "We see the following material issues in relation to the US petroleum business: A. It provides no meaningful diversification benefits to BHP as a whole B. There is a lack of synergies between BHP’s US petroleum assets and its mining assets C. Its intrinsic value is being obscured by bundling it with BHP’s other assets",
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      "text": "Demerging BHP’s US petroleum business – key reasons",
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