By lunchtime, the FTSE 100 was 7.67 points or 0.1% lower at 7,341.70.
(Noon): BHP Billiton was the top gainer on the FTSE 100 index after one of its shareholders pressured it to adopt a restructuring plan.
The mining giant’s shares rose 4.6% in Monday morning trading after hedge fund manager Elliott Advisors said it had sent the plan to the firm’s directors.
It would involve demerging BHP’s US oil business and returning more money to investors.
By lunchtime, the FTSE 100 was 7.67 points or 0.1% lower at 7,341.70.
“The goal is to provide details of the BHP shareholder value unlock plan to all of BHP’s shareholders, so that BHP can engage openly with all parties on the plan,” Elliott said in a statement.
Elliott holds about 4.1% of BHP’s London-listed shares. The company is also listed on the Australian stock exchange.
On the currency markets, the pound rose 0.25% against the dollar to $1.2404 and gained 0.39% against the euro to 1.1725 euros.
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