Elliott Investment Management L.P. Makes a Bold Move

In a significant development, Elliott Investment Management L.P. has emerged as BP's third-largest shareholder, acquiring a nearly 5% stake valued at almost £3.8 billion. This move was reported by the Financial Times on Thursday, based on insights from two sources familiar with the matter.

Strategic Pressures and Future Plans

According to the sources, Elliott is aiming to influence BP to reduce its investments in renewable energy and to undertake significant divestments. BP is scheduled to reveal its strategic direction during a capital markets day on February 26, where these topics are anticipated to be a focal point of discussion.

Background and Expectations

This strategic acquisition follows an earlier report on February 9, where it was disclosed that Elliott is pushing for considerable changes to enhance BP's operational performance.