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Will Glasgow

BHP activist Elliott a tough sell for John Griffin at Barton Deakin

Illustration: Rod Clement.
Illustration: Rod Clement.

New York-based hedge fund ­Elliott Management has enlisted one of Australia’s better connected lobbyists as it continues its activist tilt at Andrew Mackenzie’s BHP Billiton.

Elliott Advisors, the Hong Kong branch of the hedge fund founded by billionaire Paul Singer, has just popped on to the federal lobbyist register as a ­client of the Coalition-aligned firm Barton Deakin.

Paul Singer, founder and president of Elliott Management Corp. Picture; Getty Images.
Paul Singer, founder and president of Elliott Management Corp. Picture; Getty Images.

Margin Call understands that John Griffin, Barton Deakin’s Melbourne-based and Can­berra-connected adviser, is leading the work for Elliott.

Last week Elliott dramatically revealed its $1 billion-plus position in BHP, along with its three big ideas for the Big Australian: spinning off BHP’s US petroleum business, committing to a rolling wave of share buybacks and collapsing the company’s dual listing.

That last recommendation could see the giant miner leave the ASX for a single listing in London, which sounds like a corporate development unlikely to enamour Scott Morrison.

But it’s ground Griffin is likely to cover with the Treasurer soon, perhaps in addition to inquiring about the rules concerning the relocation of BHP’s head office from Melbourne to overseas.

Either of those changes would end the Big Australian as we know it. For starters, what would become of its nickname?

It’s a sure bet that within the miner a nationalistic defence is being cooked up — just in case.

George Wright.
George Wright.

Big business is loathed in Australia. But as Labor’s former ­national secretary and now Mackenzie’s newish hire George Wright could tell you, one of the few things more detested than ASX giants are big multinationals.

Even for the experienced Griffin, this looks like a tough assignment.

Still, it will be a more lucrative gig than the other project keeping Griffin busy right now — the autopsy of the inglorious campaign that ended Colin Barnett’s West Australian premiership in March.

At least he won’t be short of material.

Baird’s bank start

NAB’s star hire Mike Baird resumes life as a banker this week, three months after the sudden end of his reformist premiership of NSW.

NAB CEO Andrew Thorburn with Mike Baird. Picture: Aaron Francis.
NAB CEO Andrew Thorburn with Mike Baird. Picture: Aaron Francis.

Baird, 49, joins the top tier of the proudly pinstriped Andrew Thorburn’s executive team and will be based at the executive level of NAB House, in Sydney, where the Melbourne-based Thorburn works when in the premier state.

Handily, it’s also the same floor on which NAB chairman Ken Henry works. So there’s plenty of opportunity for the gregarious Baird to impress Henry, the former federal Treasury secretary who loves nothing more than a reformist political leader, and who is likely to appoint a successor to Thorburn as chief executive in a few years time.

As well as small talk, Baird will, of course, need to excel in his gig as NAB’s chief customer officer for corporate and institutional banking to get the top job.

Still, all that one-on-one time with the chairman must be the envy of his internal rivals: Anthony Cahill, NAB’s chief operating officer, and Andrew Hagger, the bank’s chief customer officer for consumer and wealth.

BHP turns to Newgate

Back to Andrew Mackenzie’s tartan-clad Big Australian, which has in recent months enlisted the services of Brian Tyson’s communications and strategy shop Newgate.

Helen Moreland — previously a senior adviser to Tony Abbott and now an associate partner at Newgate — has been working out of BHP’s Melbourne offices.

We gather it’s not related to the Elliott agitation, but rather part of a general tune-up of BHP’s corporate affairs army.

At least business is going well for Tyson. His extracurricular duties onchairman Andrew Pridham’s Sydney Swans board have caused nothing but grief this season.

After four unhappy rounds, the red-and-white remain winless. This Saturday could bring redemption as the Swans take on their Sydney rivals, the Tony Shepherd-chaired GWS Giants, at the Tony Shepherd -chaired SCG.

Nutt’s new turn

Now to George Wright’s opposite number at the 2016 election, departing Liberal federal director Tony Nutt.

Departing Federal Director of the Liberal Party Tony Nutt. Picture: AAP.
Departing Federal Director of the Liberal Party Tony Nutt. Picture: AAP.

There has been a bit of speculation — including in this column — about who will replace Nutt in the Canberra-based peak Liberal campaigning gig.

Within weeks, on Prime Minister Malcolm Turnbull’s instructions, Liberal president Richard Alston — at what is likely to be his final executive — will nominate the newbie so they are in the gig before Alston himself is replaced at Federal Council in June. We’ll find out then whether anything comes of the chatter about going back to the future to president Shane Stone.

Nutt, a famously considerate fellow, is no doubt polishing the desk and buffing the Menzies House statue of Sir Robert ahead of his successor’s arrival.

Then what for the head-kicking rose gardener?

Rumours — admittedly started by this column — that Nutt may join Angelo Frangopoulos’s Sky News team are off the mark. To our surprise, a Nutt-hosted political-gardening show (sort of like Annabel Crabb’s Kitchen Cabinet but with potting mix, Nutt and titled Pruning the Caucus) has not been commissioned.

Academia seems more likely than the screen. Nutt’s duties as an adjunct professor at the University of Notre Dame were disturbed by organisational duties, first for Mike Baird’s ICAC-ravaged NSW division, then for Malcolm Turnbull’s cash-strapped Feds. A donnish life may not be far away.

CrownBet’s coup

The battle between David Attenborough’s wagering giant Tabcorp and the James Packer-backed CrownBet rages on many fronts.

Even the morning media summary sent out by ClubsNSW to its members and stakeholders has been hit.

In something of a coup for CrownBet, in February the upstart announced a deal to provide wagering services in the 1200-odd venues in ClubsNSW’s orbit. It has led to furious counter-attacks by the established Tabcorp and coverage by gaming analysts such as CLSA’s Sacha Krien.

As was reported in this paper last week, according to Krien’s analysis, NSW venues would receive about 16 per cent less under the CrownBet model.

That would seem to be of interest to members in chief executive Anthony Ball’s ClubsNSW. Although, as far as we can see, that story never made the morning clippings.

Nor, as far as we can see, did an earlier Courier Mail story in which Clubs Queensland chief executive Doug Flockhart said he saw “no merit” in the CrownBet deal. Curious.

ClubsNSW wasn’t able to explain the apparent omissions to us yesterday. Although, in their defence, we did call on a public holiday.

Still, it seems ClubsNSW members would be advised not to rely exclusively on the Ball Report for all their news. Wonder if this piece makes their next clippings?

Read related topics:Bhp Group Limited

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Original URL: https://www.theaustralian.com.au/business/margin-call/bhp-activist-elliott-a-tough-sell-for-john-griffin-at-barton-deakin/news-story/cf32ecbf30ea651af730f49c6e75021b