Elliott demands cost cuts and divestments at BP, Bloomberg says

Elliott Investment Management is demanding BP (BP) make significant cost cuts and divestments to strengthen its future as a standalone company, Swetha Gopinath, Aaron Kirchfeld, Mitchell Ferman and Ruth David of Bloomberg report, citing people with knowledge of the matter. Elliott has asked BP to cut expenses in a range of areas to bring them more in line with peers, sources told Bloomberg. Elliott has built up a nearly 5% interest in BP, according to the people, which is worth $4.6B.