Elliott cranks up pressure on BHP

SYDNEY: Activist investor Elliott Management upped the pressure for strategic changes at BHP yesterday, calling for an independent review of the mining giant’s petroleum business. Elliott, which has built up a 4.1 per cent stake in BHP’s United Kingdom-listed arm, said there were clear signs that the market was receptive to a new strategy for BHP. Elliott has been pushing for BHP to collapse its dual-listed structure, spin off its United States oil and gas assets and boost returns to shareholders.