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Elliott Management Elliott Management has built a stake at BP Major BP in the UK, according to two people familiar with this step.
The exact size of the Eliott class cannot be learned, but the assets of $ 70 billion under the administrative hedging fund amended the activist’s strategy in recent years to increase the size of his individual bets, while reducing the number of positions he focused on.
The shares of Pretch Petroleum fell about 9 percent over the past year, compared to an increase of 6.5 percent of Shell Competition, and investors complained about the company’s weakening of the company’s financial performance, high levels of debt and strategic clarity.
Over the past few weeks, speculation has been widespread in the London market that BP was subject to the acquisition or active shareholder.
The pressure of the American investor can push BP to re -focus his basic oil and gas work after years of building a sprawling empire for green energy projects.
A BP investor suggested that Elliott can call for complete separation or company to fall behind some of its weakest businesses and its decline in the United States.
The money of other activists recently looked at the BP stake, but the size of the company that costs 70 billion pounds sterling. One of the American activists who considered a step said that the BP plate was “sleeping on the wheel” and had a “confused strategy.” He added: “BP business on the source on its own justifies its entire market value.”
BP and Elliott rejected the comment.
BP reports on a quarterly results on Tuesday, and will update investors on its medium -term strategy on February 26.
Murray Auchincloss, CEO of the company, postponed the update and transferred it from New York to London after undergoing an unknown medical procedure.
Elliot is led in the United Kingdom and Europe by Gordon Singer, the son of the company’s founder, Paul Singer. The company has targeted companies such as the American Anglo Group and the giant -giant in the United Kingdom.
The company is well known as a scary active investor who wants to fight the Board of Directors battles if it does not agree to the strategic direction of the company.
Earlier this week, FT reported that Elliott built nearly 5 percent of the Smiths Group collection in the United Kingdom, and supported the company’s plan to sell or remove two of its four units.
The company recorded a great victory in the American Haniole Group this week, as the company announced plans to divide on Thursday, just three months after Elliot started a campaign to achieve this result.
Elliott’s stake in BP was first reported by Bloomberg.
Additional reports by Jimmy Smith in New York