(MENAFN) Hedge fund Elliott organization has raised its stake in BHP Billiton to 5 percent, bolstering its position to agitate for change at the top universal miner, but signaled its support for the revenue chairman.
"BHP appears to have already taken steps toward a smarter, more value generative way of conducting business, and we support and encourage continued progress." Elliott said in a statement on Wednesday.
It said, "Recent statements by the company give us confidence that Chairman-elect Ken MacKenzie will heed shareholders' calls to take constructive steps to enhance value for BHP and its owners."
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