(Corrects headline and first paragraph to show proposal is to scrap dual-corporate structure, not dual-listing)
SYDNEY, April 10 (Reuters) - Hedge fund manager Elliott Advisors said on Monday it had sent a letter to BHP Billiton directors outlining a plan to unlock value by scrapping the mining giant's dual- corporate structure, demerging its oil business and rejigging its capital return policy.
"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 to unlock shareholder value," Elliot said in a statement.
Elliott Advisors said it holds a "long economic interest" of about 4.1 percent of the issued shares in BHP Billiton plc. It also said it holds rights with its affiliates to acquire up to 0.4 percent of the issued shares in BHP Billiton ltd.
BHP did not immediately comment. (Reporting by James Regan and Jamie Freed; Editing by Stephen Coates)