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Reuters: Elliott willing to back BHP board candidate as next chairman

Published 05/11/2017, 08:14 AM
© Reuters.  Reuters: Elliott willing to back BHP board candidate as next chairman
BHP
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  • Elliott Management is willing to back a board member of BHP Billiton (NYSE:BHP) to become chairman upon the retirement of Jac Nasser despite its reservations about top management, Reuters reports.
  • Elliott blames Nasser and BHP management for what it sees as BHP's bad investments, particularly in U.S. shale gas, but believes "there are personalities on the board that are talented and capable" with the "potential for someone to be selected from the existing board," according to the report.
  • Elliott, which holds slightly more than 4% of BHP shares, has been meeting with major BHP shareholders since going public with its restructuring proposals on April 10 to gauge support for change at the company.
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