Activist investor Elliott Management Corp. has called on BHP Billiton Ltd. to immediately review its dual structure after commissioning research that argues reorganizing as a single company in Australia would add more than $22 billion in value to the miner’s shareholders.
Creating a unified company, headquartered and incorporated in Australia, with a primary listing in that country and additional listings elsewhere, would cost $391 million, according to the report by FTI Consulting Inc. BHP is the world’s biggest miner and currently operates as two entities based in Melbourne and London.