Financial Times reports that Elliott has a $5 billion stake in BP.
The Financial Times reported that Elliott Management, an activist investor, has revealed a nearly 5% stake in BP. This makes it the third largest shareholder of the oil company, citing sources close to the issue.
The FT reported that Elliott was trying to get the British oil company, British Petroleum to reduce spending on renewables as well as make large divestments.
BP shares dropped 1.3% to 462.5p after the FT article.
A BP spokesperson refused to comment. Elliott Management didn't immediately respond to our request for a comment.
Murray Auchincloss, the CEO of BP, is on a quest to revive BP’s performance and increase profits.
On February 26, Auchincloss plans to unveil its new strategy for investors.
BP announced a drop in earnings Tuesday after two years of record profits, driven by a rebound in consumption following the pandemic. The spike in energy costs due to the Ukraine War also contributed.
The FT reported that BlackRock and Vanguard held larger stakes, with 9% and 5%, respectively.
Elliott Management will publish in the U.S. a regulatory filing on Friday that discloses its quarterly positions with listed companies. The firm has assets of about $70 billion. ($1 = 0.8004 pound) (Reporting and editing by Yamini Kalya and Arunima Kumar in Bengaluru.
(source: Reuters)
