(Reuters) -Activist investor Elliott Management has disclosed a stake of about 3.8 billion pounds ($4.75 billion) in BP, making it the oil giant’s third-largest shareholder, the Financial Times reported on Thursday, citing people close to the matter. The U.S. investor, which has about $70 billion in assets, is trying to push the troubled oil major […]
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Elliott discloses nearly $5 billion stake in BP, FT reports
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(Reuters) -Activist investor Elliott Management has disclosed a stake of about 3.8 billion pounds ($4.75 billion) in BP, making it the oil giant’s third-largest shareholder, the Financial Times reported on Thursday, citing people close to the matter.
The U.S. investor, which has about $70 billion in assets, is trying to push the troubled oil major to cut spending on renewables and make big divestments, the report said.
BP posted a 35% fall in annual profit on Tuesday, as CEO Murray Auchincloss seeks to reset the company’s strategy.
It did not immediately respond to a Reuters request for comment.
($1 = 0.8004 pounds)
(Reporting by Yamini Kalia in Bengaluru; Editing by Devika Syamnath)