(Bloomberg) — BHP Group said it plans to unify its dual-listing structure and would have its primary listing in Sydney.

The world’s biggest miner announced the change to its structure as part of its annual earnings results Tuesday, confirming an earlier Bloomberg News report. The proposal would see BHP have its primary listing on the Australian Securities Exchange, with additional listings in London, Johannesburg and New York, according to the exchange filing.

“Now is the right time to unify BHP’s corporate structure,” said BHP Chairman Ken MacKenzie in the filing. “BHP will be simpler and more efficient, with greater flexibility to shape our portfolio for the future.”

Read More: BHP Agrees to Exit Oil Business, Approves Giant New Potash Mine

The resource company’s current primary listings are in Sydney and London, an arrangement that dates back to 2001 following its merger with U.K.-listed Billiton. Shareholders of the London-listed vehicle will get shares of the Sydney-listed entity on a one-for-one basis, the filing said.

Elliott Management Corp. previously had pushed BHP to reorganize as a single company listed in Australia, and argued in 2018 the changes could add more than $22 billion in value to the miner’s shareholders.

The removal of BHP’s dual U.K. listing would increase the firm’s value by reducing costs, bolstering transparency and could eliminate a discount between its shares in London and Sydney, Elliott argued at the time.

The decision caps a series of major shifts this quarter by the company, which is exiting its petroleum business and has also been divesting a number of coal mines.

The proposal on listing changes is subject to approvals including by the company’s board. If approved, the unification could occur in the first half of next year, with the proposed petroleum business merger with Woodside Petroleum Ltd.

(Updates throughout with confirmation.)

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