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  "documentTitle": "BHP Billiton (BHP)",
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      "text": "We estimate that the total value upside to shareholders could be as much as c.48.6% (Ltd shareholders) / c.51.0% (Plc shareholders)",
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      "text": "Remove the existing DLC inefficiencies and allow BHP to conduct discounted off-market buybacks cheaper than currently possible while also releasing more franking credits. We believe that our full scale off-market buyback program may not be feasible under the current structure",
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      "text": "Enhance shareholder returns through dedicated discounted off-market share buybacks, in addition to BHP's existing 50% payout ratio of net income, whilst maintaining a sensible level of debt in the business. Returning significant amounts of capital to shareholders could also prevent further value-destructive large-scale acquisitions for cash",
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      "text": "Achieve a significantly higher valuation for the US petroleum business and remove the distraction of US Onshore from management and investors. We believe that the market value of the remaining unified core BHP portfolio could also re-rate",
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