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  "documentTitle": "Elliott Management | Activist Presentation Deck | 39 slides",
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  "authorName": "Elliott Management",
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  "presentationDate": "2017-05-01 00:00:00",
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  "notes": "Uses a stacked bar chart to visually separate 'not costs' from 'actual costs'.",
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      "text": "Stacked bar chart showing $1.3B total, split into $1.1B 'not costs' and $200M 'actual costs'.",
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      "text": "Ignored Unification Benefits: M&A flexibility, More accretive buybacks, An end to economic asymmetry",
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      "text": "Spurious Unification Costs Claimed by Management: Accumulated tax losses ($600-800M), Singapore marketing structure ($300-500M)",
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      "text": "Actual Unification Costs: UK stamp duty ($158M), Australian stamp duty ($39M)",
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      "kind": "paragraph",
      "text": "We struggle to credit as 'costs': Accumulated tax losses... Singapore-based marketing structure...",
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      "kind": "paragraph",
      "text": "Management’s claims of illusory benefits of the DLC structure and phantom costs of unification are not the way to deal with a value-distorting and obsolete group structure – we see c.US$200 million as the real cost of unification – at a minimal cost for such a large value-unlocking opportunity",
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      "kind": "source-note",
      "text": "Source: Company filings and Elliott’s estimates",
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      "kind": "title",
      "text": "BHP’s US$1.3 billion Unification Costs Estimate Is Fundamentally Flawed, Misleading and Ignores the Clear Benefits of Unification",
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