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  "documentTitle": "BHP Billiton (BHP)",
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      "text": "Management's claims of illusory benefits of the DLC structure and phantom costs of unification are not the way to deal with a value-distorting and obsolete group structure – we see c.US$200 million as the real cost of unification – at a minimal cost for such a large value-unlocking opportunity",
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      "text": "Actual Unification Costs: UK stamp duty, Australian stamp duty",
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      "text": "Source: Company filings and Elliott's estimates",
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