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  "docSlug": "26c842e25e72eb94e4d80a5389b70aba",
  "documentTitle": "Elliott Management | Activist Presentation Deck | 39 slides",
  "authorId": "elliott-management",
  "authorName": "Elliott Management",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-05-01 00:00:00",
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  "pageNumber": 22,
  "pageCount": 39,
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  "slideType": "propose_solution",
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  "density": "dense",
  "nDataPoints": 3,
  "notes": "Uses a CEO quote to contrast with the activist's proposed strategy (ceo-quote-contradiction).",
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  "slideHref": "/slides/019de06f-8253-71ea-99e9-82a4c73e226c/22",
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  "components": [
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      "kind": "callout",
      "text": "South32 has outperformed BHP Billiton Limited by 47% since the demerger",
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      "kind": "chart",
      "text": "Total Shareholder Returns – Since S32 Demerger (May 18, 2015)",
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      "text": "Despite management's claims to the contrary... having access to a balance sheet that allows BHP to inappropriately outbid petroleum majors is more likely to be a recipe for further value destruction... Rather, we believe that a more nimble and focused independent petroleum business... would have avoided significantly overpaying for BHP's US onshore portfolio... South32 – a demerger of assets... is an obvious and highly relevant precedent for the significant value that can be released for shareholders through a demerger",
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      "kind": "quote",
      "text": "[We] have decided to reshape our company and stay true to our strategy. We plan to simplify BHP Billiton’s portfolio with a demerger and unlock value for shareholders as we focus even more on our largest businesses, reduce costs and improve productivity more quickly....",
      "attrs": null,
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      "kind": "title",
      "text": "The South32 demerger is a clear precedent for success. Management should embrace this next and natural “simplification” of BHP via a full or partial demerger of the petroleum business",
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      "kind": "title",
      "text": "Our Proposed Solution – Unlocking the Latent Value of BHP’s Petroleum Business via a Full or Partial Demerger...",
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      "evidence": "Advocates for a demerger based on precedent.",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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