SYDNEY May 5 A second BHP Billiton Ltd
shareholder has made a public push for strategic changes
at the world's largest miner, with the Sydney-based Tribeca
Global Natural Resources Fund calling for the company to divest
U.S. shale assets and to review its board and senior management.
U.S. activist hedge fund Elliott Management last month went
public with a plan urging BHP to unlock value by scrapping the
mining giant's dual-corporate structure, demerging its entire
U.S. oil business and modifying its capital return policy.
The Elliott plan was rejected by BHP's board. It has
received a generally tepid reaction from shareholders, and
Australian Treasurer Scott Morrison on Thursday said he would
not allow BHP to move its primary listing to London as Elliott
In a letter sent to its investors on Thursday titled "Making
BHP Great Again", Tribeca said BHP should maintain its current
dual-listed structure but consider selling its U.S. shale
"Having assessed several recent transactions, we believe
that BHP could realise approximately $10 billion from the asset
sales," Tribeca said.
BHP was not immediately available for comment.
BHP on April 26 said it would pursue the sale of some, but
not all, of its onshore U.S. oil and gas assets.
Tribeca also called for BHP to review its board and
management in light of the planned retirement of long-serving
Chairman Jac Nasser this year.
"This provides a critical opportunity to reset the culture
to one that covets capital efficiency and (earnings) growth and
we hold high hopes that this opportunity will not be wasted,"
(Reporting by Jamie Freed)