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BHP Billiton Higher Off Activist's Plan To Unlock Value

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BHP Billiton Limited (ADR) (NYSE: BHP) shares are trading higher by $1.07 (3.7 percent) at $32.92 in Monday's session.

Shares have been in a narrow range in today's session from $32.85 to $33.06. The higher opening price of $32.96 mostly reflected its change in price overnight from it primary trading venue, the London Stock Exchange.

The catalyst for the rally in the U.K.-registered mining, metals and petroleum company is the demand from activist Elliot Management, who wants to unlock shareholder value by the company spinning off its U.S. petroleum assets.

Based on the value of the company being denominated in U.S. dollars, the rally has taken the stock to just shy of a major resistance area. From March 16 through March 21, the issue peaked in four consecutive sessions between $33.03 and $33.19. That area is acting as resistance in today's session, as $33.06 stands as the high for the session as of 11:07 a.m. ET.

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