Elliott Says Stake in BHP Billiton Rises

MELBOURNE, Australia--New York hedge fund Elliott Management Corp. said it now holds 5% of BHP Billiton Ltd.'s (BHP.AU) London-listed shares, which it says makes it well placed to monitor the resources giant's progress and hold it accountable for delivering results.

In a statement Wednesday, the activist investor said the recent selection of director Ken MacKenzie as successor to Chairman Jac Nasser was an opportunity for BHP to take heed of shareholders' calls for sweeping changes.

Elliott for months has campaigned for BHP Billiton to exit its U.S. onshore oil-and-gas operations and launch an independent review of its global petroleum division, shift its approach to capital to ensure greater returns to shareholders and to unify its dual U.K.-Australia listed structure around a single listing in Sydney.

"With new leadership, shareholders fully expect the true value of their company to be unlocked, something which we are confident BHP's chairman-elect has firmly in mind as he takes the reins," Elliott said.

When Elliott went public with its proposals for BHP in April, it said it held about a 4.1% stake in the London shares.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

August 15, 2017 18:45 ET (22:45 GMT)