BP Shares Pop 7% After Reports Activist Hedge Fund Elliot Has Taken A Stake in the Struggling British Oil Major

Bp Shares jumped on Monday following weekend reports That Activist Investor Elliot Management Has Built a Stake in the Struggling Oil Major and Could Pressure The Energy Company to Shift Gears on Its Core Oil and Gas Businesses.

BP Stock was up 6.89% at 12:56 PM London Time.

Elliott management and bp have declined to comment on the reports, which do not specify the size of any potential stake according to paul singer’s headge fund.

The British Oil Major, which is set to unveil its fourth -Quarter Results on Tuesday and its broader strategy on Feb. 26, has been lagging its British and us energy peers, with shares Falling Roughly 9% over the last year – compared with 6% Gains for Shell.

Last Month, BP Issured a trading update Warning of Higher Corporate Costs, Lower Fourth-Quarter Realized Refining Margins and One-off Charges Linked To Its Bio-Ethnol Accquishan. It is also seeking boyers For its ruhr oel gmbh geerman refinery assets and in January Reveled Plans to Cut 4,700 ROles AMID CEO Murray Auchincloss’ Efforts to Deliver at Least $ 2 Billion of Cash Saveings by the End of 2026.

Noting Elliot’s Previous Intervention in the Operations of Canadian Energy Company Suncor – for which it called for enhancements to the board and a strategic review of certain The Hedge Fund Cold Press to Change BP’s Chairperson.

“In terms of strategic business reviews, we would expect a push to effectively split up the core oil and gas segment to some of bp’s transition to transitioners, in Older to help minimize Capital Inte Areas, “They said in a monday Note, noting a step may alredy be in the cards.

BP CEO Auchincloss has been working to Bolster Investor Confidence in the £ 74-Billion ($ 91.87-Billion) Company, AMID Rising Concerns Over the Clarity of BP’s Strategic Diregic Diregic Dire Stagnating Crude prices and sprawling amables in renewable energy during the global green transition. Speculation has been mounting About Whether BP BP COLD BCOME A Takeover Target.

With Roughly $ 70 billion in assets, Elliot is one of the world’s most prominent active investors, Taking a stake In Miner Anglo American Last Year, and Last Week Scoring a win Through the three-way split of US conglomerate honeywell.