Elliott supposedly buys stake in BP - Breaking The News

Elliott supposedly buys stake in BP

9 February

1 min read

EPA-EFE/ADAM VAUGHAN

Elliott Investment Management L.P. acquired a stake in the British oil and gas company BP plc, The Wall Street Journal reported on Sunday citing sources with knowledge on the matter.

The sources revealed that the United States hedge fund plans to press for "dramatic" transformational changes that would boost BP's performance. It is unknown how many shares Elliott bought.

In recent years, the energy company shifted its investment from oil and gas to low-carbon energy like wind and solar power. The sources went on to say that BP executives insisted that more time is needed for investors to see that the firm is on the right track.

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