On Monday, BHP launched a rebranding that drops Billiton from its logo and removes the three stylized blobs that have featured for years, in an advertising campaign that highlights its Australian heritage.
The statement from Elliott comes after BHP dismissed the hedge fund's "shareholder value unlock plan".
Media stories about BHP Billiton Limited (NYSE:BHP) have been trending somewhat positive this week, AlphaOne Sentiment reports.
Elliott, which owns a 4.1% stake in BHP's UK-listed division, has urged the oil giant to conduct an independent review its petroleum business as its shares have consistently underperformed.
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USA activist investor Elliott Management has ceded some ground in its campaign against BHP (BHP.AU), saying it now supports the mining giant remaining incorporated in Australia.
Chief Executive Officer Andrew Mackenzie plans to meet with representatives of Elliott Management Corp. this week as the hedge fund continues to push for the sale of the company's USA petroleum business, according to two people familiar with the situation.
"That is an idea that is not without some merit and we take that on board, but there are many other ideas and we have to balance them to secure the highest value that remains from the shale business", he said.
BHP has over the last several years approached what could become the province's 11th operational potash mine with caution, largely due to global supply outstripping demand and causing prices to fall.
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"Under Elliott's revised proposal, BHP would stay incorporated in Australia, Australian headquartered and Australian tax resident, retaining full ASX and LSE listings, with ordinary shares listed on the ASX", Elliott said. It said there are a number of options that would unlock value-including selling or spinning off the USA business, and a sale or Sydney listing of the Australian and other oil and gas assets.
BHP has said the costs of scrapping its dual-listed structure significantly outweigh the benefits.
On its website, fixingbhp.com, Elliott also criticised BHP's track record on share buybacks and suggested the company make a $6 billion buyback in 2018. BHP shares were virtually flat at 1100 GMT on Tuesday.
Mr Mackenzie said BHP also had $US25 billion worth of growth projects that would achieve returns north of 16 per cent, such as mining deep underground at Spence copper mine in Chile.
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