BHP Billiton plc (BLT) Given "Buy" Rating at Citigroup Inc

Elliott has seemingly backed down on the restructure, saying on Tuesday it was open to a unified company that would retain its full share market listing in Australia and London.

Among their demands, Elliott Management wants to see BHP end their dual-listing, spin off oil and gas assets in the US and increase returns to shareholders.

Elliott said today: "Current management's response to the value unlock plan has been misconceived, wholly unconvincing and a disservice to BHP's owners - underestimating the groundswell of dissatisfaction among shareholders".

Finally, HSBC Holdings plc upgraded shares of BHP Billiton Limited from a "hold" rating to a "buy" rating and reduced their price target for the stock from $41.79 to $25.75 in a research report on Wednesday, April 19th.

The hedge fund had originally called for the collapse of BHP's dual listed structure, with Australian shareholders left with CHESS depository receipts.

"We have seen a significant groundswell of dissatisfaction among shareholders, which is rooted in BHP's chronic under-performance", the fund said.

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BHP is however divesting non-core parts of its US shale assets.

Its preference would be a full or partial demerger of the business, but it said the next step is for BHP to launch an in-depth independent review of the petroleum operations and to report its findings.

BHP has cut costs, invested in major growth projects, and has options to increase production capacity across its portfolio, Mr Mackenzie said. BHP will continue to look at divesting some shale acreage, he said, even as it believes the assets are "well-placed for the future". The stock's 50 day moving average price is $31.03 and its 200-day moving average price is $32.67. Elliott Management Corp now owns 2,010,151 shares of the mining company's stock valued at $63,239,000 after buying an additional 1,229,400 shares in the last quarter.

The Singapore hub has been the subject of a long-running dispute with the Australian Tax Office over more than $1 billion, and Elliott said the structure was "unsustainable". It denied the effort was a reaction to Elliott and said it had been developed over about 18 months in an effort to rebuild community trust in the company.

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