Elliott takes 5% stake in BP, worth nearly £3.8 billion - Breaking The News

Elliott takes 5% stake in BP, worth nearly £3.8 billion

13 February

1 min read

EPA-EFE/NEIL HALL

Elliott Investment Management L.P. has become BP's third-largest shareholder, securing a near-5% stake valued at nearly £3.8 billion, Financial Times reported on Thursday, citing two sources close to the situation.

The sources added that Elliott is seeking to pressure BP into cutting its spending on renewable energy and making substantial divestments. BP is set to outline its future plans during a capital markets day on February 26, where these issues are expected to be discussed.

This follows a report published on February 9 when sources also revealed that Elliott intends to push for significant changes aimed at boosting BP's performance.

bp elliott

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