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Opalesque Geneva: It was reported earlier this week that Elliott Investment Manager, a large investor known for being one of the most vocal activists, had built a stake in London-listed oil company BP, and was planning to push for transformational changes. This move boosted BP's shares to their highest since August 2024.
According to the Financial Times, we now know that Elliott has become BP's third-largest shareholder after building a near-five per cent stake worth almost GBP3.8bn ($4.74bn). The activist hedge fund will seek to force the troubled UK oil major to cut spending on renewables and make big divestments, according to two people close to the situation. BlackRock and Vanguard, two large fund houses, hold bigger stakes in the energy major, at 9% and 5%, respectively.
BP Plc's share price went up over 8% in the last five days (and 15% YTD), after falling by 1% on February 13. BP reported a decline in earnings for 2024, after enjoying two years of record profits driven by a recovery in consumption afte...................... To view our full article Click here
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