The proposal by BHP Billiton’s activist shareholder Elliott Advisors that the company scrap its dual-listed company (DLC) structure in favour of a primary listing in London and a secondary listing in Sydney, could destroy at least $1.3-billion in value, to save less than $2.5-million a year, the miner said on Wednesday. It added in a statement that this would be for no identifiable material or strategic benefit. Reuters earlier this week reported that Elliott said the changes in the listing structure would add $1.50 of value per BHP Billiton share for the holders of London-listed shares but take away $1 in value from the holders of the Australian-listed shares.
