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  "documentTitle": "Elliott Management | Activist Presentation Deck | 39 slides",
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  "authorName": "Elliott Management",
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  "notes": "Uses a historical precedent (South32 demerger) to justify a proposed future action (DLC unification and US petroleum divestment).",
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      "text": "Total Shareholder Returns – Since S32 Demerger (May 18, 2015)",
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      "text": "In demerging South32, BHP's management took an important first step towards streamlining BHP's portfolio...",
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      "text": "Unification of BHP's DLC structure and the demerger of BHP's US petroleum business would be the logical next step for BHP's management to take...",
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      "text": "We see the incomplete status of the streamlining and transformation of BHP's group structure and asset portfolio as the key reason for BHP's underperformance...",
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      "text": "Source: Broker research and company filings. Total return index (net dividends) converted to US$ at daily foreign exchange rates",
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      "text": "Demerging South32 – a case study for future value release",
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