Tribeca Fund Targets BHP's Board for a Sweeping Overhaul
- Sydney fund in talks with as many as 4 alternative directors
- Existing board lacks debate and mining experience, fund says
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BHP Billiton Ltd.’s board is being targeted for a sweeping overhaul by Tribeca Global Natural Resources Fund, opening a potential new front in the burgeoning activist campaign against the world’s biggest mining company.
The Sydney-based hedge fund, which last month joined billionaire Paul Singer’s Elliott Management Corp. in calling for changes aimed at shifting strategy at BHP, believes about five or six members of the 11-person board need to be replaced, portfolio manager Craig Evans said Tuesday in a phone interview. BHP declined to comment.