Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  BHP Billiton Limited    BHP   AU000000BHP4

BHP BILLITON LIMITED (BHP)
My previous session
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsTweets

BHP Billiton : Aberdeen fund '100 percent' behind Elliott's push for change at BHP

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/15/2017 | 12:53pm CEST
Australian mining company BHP's new corporate logo

SYDNEY (Reuters) - Global fund manager Aberdeen Standard Investments fully supports activist investor Elliott Management's push for widespread structural changes at mining giant BHP Billiton (>> BHP Billiton Limited), a senior Aberdeen manager said on Wednesday. 

SYDNEY (Reuters) - Global fund manager Aberdeen Standard Investments fully supports activist investor Elliott Management's push for widespread structural changes at mining giant BHP Billiton (>> BHP Billiton Limited), a senior Aberdeen manager said on Wednesday. 

Commenting a day before BHP holds its Australian general meeting in Melbourne, where the board of the world's biggest mining house is expected to come under renewed scrutiny over its ill-fated $20 billion (£15.2 billion) investment in U.S. shale, Aberdeen Asia managing director Hugh Young said Elliott was "100 percent correct" in pressuring for change.  

Aberdeen is the third-biggest shareholder in BHP's London- listed stock, with a 4.88 percent stake, just behind Elliott, which has a 5.04 percent holding, according to Thomson Reuters data.

Elliott, founded by billionaire Paul Singer, has been pushing for BHP to jettison U.S. oil and gas assets.

It has also staged an unusual public campaign to muster small investors to help drive changes at BHP, one of the most recognisable corporate names in Australia, using social media to state its position.

Speaking to reporters, Young said Aberdeen was in "very close contact with Elliott", despite Elliott holding "slightly shorter" investment horizons than Aberdeen.

Aberdeen manages $718 billion in assets and is known for taking a long-term view on investments. In April, it said Elliott's plan was OK in principle but added that it may prove complex.

BHP Chairman Ken MacKenzie has previously rejected any suggestions that Elliott was dictating polices at BHP.

BHP entered the shale business at the height of the fracking boom in 2011 and invested billions developing the operations. The fall in oil prices since then has led to pre-tax writedowns of about $13 billion.

BHP last month said divestment of a small portion of onshore shale acreage was completed in the September 2017 quarter, with "work underway" to exit the remaining acreage.

Young said the timing of future divestments was up to BHP.

"But they should not necessarily succumb to short-term pressure to do something for the sake of doing something," Young said.

Elliott initially proposed BHP replace its dual London and Australia stock listings structure.

But under a revised proposal, Elliott has called for BHP to retain full Australian and London listings, with ordinary shares listed in Australia. 

(The story was refiled to correct the final paragraph to show Elliott proposes BHP retain, not abandon, LSE listing)

(Reporting by James Regan; Editing by Joseph Radford and David Evans)

By James Regan

Stocks treated in this article : BHP Billiton Plc, BHP Billiton Limited
Stocks mentioned in the article
ChangeLast1st jan.
BHP BILLITON LIMITED 1.68% 33.9 End-of-day quote.12.75%
BHP BILLITON PLC 0.05% 1588.6 Delayed Quote.4.29%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on BHP BILLITON LIMITED
12:33aBHP BILLITON : Additional interest in SolGold
PU
10/12ERRIS RESOURCES : appoints mining banker as new chief executive
AQ
10/12U.S. oil firms restore operations in storm-tossed Gulf of Mexico
RE
10/11BHP BILLITON LIMITED : quaterly sales release
10/10BHP BILLITON : Shareholders advised to vote down BHP pay
AQ
10/10BHP BILLITON : How drones are helping transform the freight industry
PU
10/10Australia's Port Hedland iron ore shipments to China rise 5 percent in Sept
RE
10/09BHP BILLITON : Proxy adviser PIRC tells shareholders to oppose BHP Billiton's re..
RE
10/04BHP BILLITON : Samarco Compensation Programs
PU
10/03BHP, Vale Reach Settlement in Brazil to Make Some Payments Over 2015 Dam Coll..
DJ
More news
News from SeekingAlpha
08:01aBHP adds to SolGold holding, raising stake in Ecuador copper project 
10/11Best Drill Interceptions In The Metals Mining Sector For The Week Ended 7 Oct.. 
10/11Early premarket losers include SQ, AMZN, NFLX 
10/10Hurricane Michael cuts 42% of U.S. Gulf of Mexico crude oil output 
10/10BHP eyes Olympic Dam restart this month; Samarco restart still not close 
Financials ($)
Sales 2019 43 379 M
EBIT 2019 16 036 M
Net income 2019 8 928 M
Debt 2019 7 775 M
Yield 2019 5,44%
P/E ratio 2019 13,53
P/E ratio 2020 14,06
EV / Sales 2019 2,95x
EV / Sales 2020 3,03x
Capitalization 120 B
Chart BHP BILLITON LIMITED
Duration : Period :
BHP Billiton Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BHP BILLITON LIMITED
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 26,4 $
Spread / Average Target 11%
EPS Revisions
Managers
NameTitle
Andrew Mackenzie CEO & Non-Independent Executive Director
John Kenneth Norman MacKenzie Chairman
Daniel Malchuk President-Americas Minerals Operations
Steve Pastor President-Petroleum Operations
Mike Henry President-Minerals Australia Operations
Sector and Competitors
1st jan.Capitalization (M$)
BHP BILLITON LIMITED12.75%120 318
BHP BILLITON PLC4.29%120 318
RIO TINTO-5.21%86 359
RIO TINTO LIMITED2.23%86 359
ANGLO AMERICAN9.76%31 428
GRUPO MEXICO S.A. DE C.V.-20.52%21 305