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  "documentTitle": "BHP Billiton (BHP)",
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  "notes": "The slide uses a line chart to show the performance of Brambles shares relative to the ASX200 around the time of their DLC unification announcement.",
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      "text": "24% BIL / Ltd outperformance vs. ASX200 from announcement of DLC unification",
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      "text": "24% BIL / Ltd outperformance vs. ASX200 from announcement of DLC unification",
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      "text": "Extending our analysis to all comparable unification transactions which have occurred since the creation of BHP's DLC structure indicates that BHP's share price performance following announcement of a unification is likely to be at least in line with Ltd's pre-announcement trading price",
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      "text": "Brambles was a former Plc-Ltd DLC which prior to unification had Plc share price discount issues similar to BHP. There is no evidence of unification leading to underperformance by BIL/Ltd shares. In fact, BIL/Ltd shares outperformed the ASX200...",
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      "text": "share price performance: 24%",
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      "text": "BHP's management has incorrectly claimed that our conservative and illustrative post-unification BHP share price level would be a loss of value for Limited's shareholders – ignoring market precedent and the significant value unlock potential of our proposals",
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      "text": "\"[U]nification will reduce complexity and costs, provide greater strategic flexibility, enhance Brambles' position as a leading company on the ASX and eliminate the differential between the share prices of Brambles Industries Limited on the ASX and Brambles Industries plc....\"",
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      "text": "\"[U]nification will reduce complexity and costs, provide greater strategic flexibility, enhance Brambles' position as a leading company on the ASX and eliminate the differential between the share prices of Brambles Industries Limited on the ASX and Brambles Industries plc....\" — Don Argus while Chairman of Brambles (Jac Nasser was a Director of Brambles at that time), November 29, 2005",
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      "text": "(1) Based on 6 month weekly share price correlation of c.82% up to the unification announcement date.",
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      "kind": "title",
      "text": "A Unified BHP Can Be Fully Expected to Appeal to Limited Shareholders",
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