Activist Elliott builds stake in oil major BP, source says

By Anush Sakui

(Reuters) – Elliott Investment Elliott Investment Management has built stock on major oil BP, the source familiar with the question on Saturday.

The source did not provide the size of the stake.

The US-based Elliott seeks to stimulate the value of shareholders, urging BP to take the transformers by calling Elliott’s shares earlier on Saturday.

Elliott and BP refused to comment.

The activist sees BP, as underestimate, Bloomberg reports. BP has about 69 billion ($ 85.62 billion) market capitalization, less than half of the enemy’s bark value, by 161 billion pounds according to LSEG.

Earlier this week, BP said that it plans to sell the filter website in Germany, as the company’s head will reduce the company’s expenses by the end of 2026.

BP’s chief executive Murray Auchirlos works to rebuild the confidence of the company’s investors. In January, the company said it would cut more than 5% of its global labor.

AuchinCloss also seeks to restore confidence, which took place after the sharp departure of his previous Bernard Luni, his previous Bernard Luni in 2023.

Auchincloss, who held a position a year ago, will put his new strategy on the day of the investor on February 26. He has already taken big steps to move from oil and gas to move away from his precedence.

The British Oil Manufacturer has warned that the decline in the effects of moon processing and turning and maintenance activities will reduce $ 300 million in the quarterly quarter.

The other global processers in January offer less optimism at fuel production after the decline of margins after profit.

BP reports about its fourth quarter and the results of the whole year on February 11.

Elliott has become one of the most influential activist investors – about $ 70 billion in assets, recently to break down. The foundation also built 3.2% share in Anglo America after a miner in London became a larger competitor BHP group.

($ 1 = 0.8059 pounds)

(Report Anushman Sakui and Gursimran Kauru, editing by Timothy Heritage and Diane Crafts)