BP shares jump after activist hedge fund Elliott takes stake

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On Monday, the shares in BP increased by almost 7%, as investors responded to the news that Elliott Management was built into a stake.

Shares increased to 462p, 433.25p after closed on Friday.

Size Elliott’s stake It has not been revealed, but its involvement in BP, which was first reported on Saturday, the renovation of the group’s strategy and the shock of its board.

“We believe that any activist would call a change in the presidency,” said RBC Capital Markets analyst Biraj Bormathar.

ThreadOne of the top 10 companies in the London has fallen to the price of shares through market capitalization, and investors have criticized its pressure and uncertainty during its strategy.

The group has been chaired by Helg Lund since 2019. Last month, it is said that the day of investors scheduled for this week will be postponed until February 26.

Auchincloss is expected to use the event to try to persuade investors that he has the right strategy for the company.

Jefferi analysts say they believe StrengthShares in the company can lead to the changes in the Council and to lose their business to lose weight with low carbon assets and the output of certain retail districts. ”

Hedge Fund can also push capital expenditures to focus on projects above, which will maximize cash flow.

Borhardaria suggested that BP business evaluation is much higher than the value of the current company’s value of about $ 130 billion, including debt.