DIVERSIFIED MINERS
BHP Billiton is assuring shareholders that it’s exploring numerous options for its contentious US shale unit amid pressure from activist investor Elliott Management to carry out a wider review of petroleum operations.
In a series of meetings in Australia last week, CEO Andrew Mackenzie stressed to shareholders that the biggest mining company is open to selling parts of the onshore portfolio. Billionaire Paul Singer’s Elliott wants an independent review of BHP’s oil unit and claims the miner has destroyed about $31-billion in value through its foray into US shale and failed petroleum exploration.
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