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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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  "pageNumber": 35,
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  "notes": "The chart shows the share price performance of Brambles (BIL/Ltd and BIP/Plc) relative to the ASX200 before and after their unification announcement.",
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      "kind": "callout",
      "text": "24% BIL / Ltd outperformance vs. ASX200 from announcement of DLC unification",
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      "kind": "chart",
      "text": "Line chart showing BIL/Ltd, BIP/Plc, and ASX200 performance from Nov-04 to Nov-06.",
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      "text": "Brambles was a former Plc-Ltd DLC which prior to unification had Plc share price discount issues similar to BHP. There is no evidence of unification leading to underperformance by BIL/Ltd shares. In fact, BIL/Ltd shares outperformed the ASX200...",
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      "kind": "paragraph",
      "text": "BHP's management has incorrectly claimed that our conservative and illustrative post-unification BHP share price level would be a loss of value for Limited's shareholders – ignoring market precedent and the significant value unlock potential of our proposals",
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      "kind": "quote",
      "text": "\"[U]nification will reduce complexity and costs, provide greater strategic flexibility, enhance Brambles' position as a leading company on the ASX and eliminate the differential between the share prices of Brambles Industries Limited on the ASX and Brambles Industries plc....\"",
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      "text": "(1) Based on 6 month weekly share price correlation of c.82% up to the unification announcement date.",
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      "kind": "title",
      "text": "A Unified BHP Can Be Fully Expected to Appeal to Limited Shareholders",
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