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  "documentTitle": "Elliott Management | Activist Presentation Deck | 39 slides",
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  "authorName": "Elliott Management",
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      "kind": "list",
      "text": "BHP's management took an important first step towards shareholder value optimization by successfully demerging South32 in May 2015",
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      "text": "We believe that the timetable required, and the tax and other costs which would be incurred, in order to implement the Value Unlock Plan would be both very reasonable and far outweighed by the significant shareholder value to be unlocked",
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      "text": "The Value Unlock Plan consists of three key steps: Step 1: Unifying BHP; Step 2: Demerging and separately listing BHP's US petroleum business; Step 3: Adopting a policy of consistent and optimal capital return to shareholders",
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      "text": "Unfortunately, management still cannot deliver optimal shareholder value because of: Its dual-listed company (DLC) structure; The intrinsic value of BHP's US petroleum business being obscured; Sub-optimal capital management at BHP",
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      "text": "Addressing key shareholder value issues at BHP",
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