MELBOURNE, Australia–Activist investor Elliott Management Corp. refined its attack on BHP Billiton Ltd., calling for an independent review of its petroleum business and deflecting earlier criticism by proposing the company retain a main stock listing in Australia.
The revised proposals still take aim at unlocking value and halting underperformance in the stock but have shifted following feedback from other shareholders canvassed over the past few weeks, since the public release of Elliott’s plans for BHP.
The changes also appear to address opposition by the Australian government to any attempt to have BHP trade around a main listing in London, which Treasurer Scott Morrison said would be consider…
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