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  "documentTitle": "BHP Billiton (BHP)",
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  "authorName": "Elliott",
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  "presentationDate": "2017-05-16 00:00:00",
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  "notes": "Uses a CEO quote from 2014 to highlight management's own previous logic regarding simplification.",
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      "text": "The South32 demerger is a clear precedent for success. Management should embrace this next and natural “simplification” of BHP via a full or partial demerger of the petroleum business",
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      "text": "Total Shareholder Returns – Since S32 Demerger (May 18, 2015)",
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      "text": "Despite management's claims... access to a balance sheet that allows BHP to inappropriately outbid petroleum majors is more likely to be a recipe for further value destruction... Rather, we believe that a more nimble and focused independent petroleum business... would have avoided significantly overpaying for BHP's US onshore portfolio. South32 – a demerger of assets... is an obvious and highly relevant precedent for the significant value that can be released for shareholders through a demerger",
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      "kind": "quote",
      "text": "[We] have decided to reshape our company and stay true to our strategy. We plan to simplify BHP Billiton’s portfolio with a demerger and unlock value for shareholders...",
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      "text": "\"[We] have decided to reshape our company and stay true to our strategy. We plan to simplify BHP Billiton's portfolio with a demerger and unlock value for shareholders as we focus even more on our largest businesses, reduce costs and improve productivity more quickly....\" — Andrew Mackenzie, CEO, February 18, 2014",
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      "text": "Our Proposed Solution – Unlocking the Latent Value of BHP’s Petroleum Business via a Full or Partial Demerger...",
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