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  "docSlug": "6f0a3b154a08",
  "documentTitle": "BHP Billiton (BHP)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2017-04-10 00:00:00",
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  "pageNumber": 7,
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  "notes": "The slide uses the South32 demerger as a precedent to advocate for the demerger of BHP's US petroleum business.",
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      "text": "Unification of BHP's DLC structure and the demerger of BHP's US petroleum business would be the logical next step for BHP's management to take.",
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      "kind": "chart",
      "text": "Total Shareholder Returns – Since S32 Demerger (May 18, 2015)",
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      "text": "In demerging South32, BHP's management took an important first step towards streamlining BHP's portfolio...",
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      "text": "Total Shareholder Returns: 36.4%",
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      "text": "Source: Broker research and company filings. Total return index (net dividends) converted to US$ at daily foreign exchange rates.",
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      "kind": "title",
      "text": "Demerging South32 – a case study for future value release",
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