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  "documentTitle": "BHP Billiton (BHP)",
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  "authorName": "Elliott",
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      "kind": "callout",
      "text": "Core BHP valuation – c.US$106bn(4)",
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      "text": "We believe that after giving effect to the unification and US petroleum demerger steps of the Value Unlock Plan, core BHP’s tier-1 assets could be clearly and properly valued by the market.",
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      "text": "We believe that after giving effect to the unification and US petroleum demerger steps of the Value Unlock Plan, core BHP’s tier-1 assets could be clearly and properly valued by the market. We would not expect the implementation of these steps to materially impact core BHP’s expected earnings as compared to BHP’s existing earnings",
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      "text": "Source: Company filings. Elliott’s estimates and broker research",
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      "text": "Unified core BHP would retain a first-class portfolio of assets and could be re-rated in-line with other major global miners",
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      "text": "Unified core BHP’s remaining assets after the demerger of US petroleum would all contribute significantly to future shareholder value",
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