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  "docSlug": "e5a728fef68e0daf09512b8a18a475f4",
  "documentTitle": "Elliott Management | Activist Presentation Deck | 39 slides",
  "authorId": "elliott-management",
  "authorName": "Elliott Management",
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  "presentationDate": "2017-04-01 00:00:00",
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  "pageNumber": 14,
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  "density": "balanced",
  "nDataPoints": 14,
  "notes": "The slide uses a before-and-after diagram to illustrate the structural change from a DLC merger to a unified entity.",
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      "kind": "chart",
      "text": "Company and geographic split",
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      "kind": "chart",
      "text": "Discount of Plc to Ltd since DLC inception",
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      "text": "Current BHP group structure vs Unified BHP",
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      "text": "We believe that most of Plc's assets were divested via the South32 demerger... A premium/discount price distortion frequently occurs... Unification would be implemented by way of inter-conditional share-for-share schemes...",
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      "text": "Source: Company filings and Elliott's estimates.",
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      "kind": "title",
      "text": "Misalignment of profits vs. shareholder base in the DLC structure – solved by unification",
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