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  "authorName": "Elliott Management",
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  "notes": "The table shows consistent negative relative performance across almost all time periods and peer groups.",
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      "text": "c.US$23 billion destroyed through the ill-fated foray into the US onshore petroleum sector; c.US$8 billion spent on petroleum exploration activities with no apparent value created; c.US$9 billion destroyed in share buybacks made at inflated market prices",
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      "text": "BHP Billiton Group operates in a business sector where proper financial, strategic and operational discipline is key to building and delivering optimal shareholder value – and avoiding value destruction. Unfortunately, BHP's management has undertaken a number of significantly value-destructive initiatives, including:",
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      "text": "Source: Market data (1) Refer to note and footnotes 1 to 4 (inclusive) of slide 11",
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      "text": "% BHP Total Shareholder Return Relative to Key Comparable Peers",
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      "text": "Calling a halt to chronic underperformance at BHP – constructive engagement from BHP's management on the issues highlighted by the Value Unlock Plan is the first step",
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