Elliott has built nearly 5% stake in BP worth GBP 3.8B, FT reports

Activist hedge fund Elliott Management has built a stake of nearly 5% in BP (BP), becoming the oil major’s third-largest shareholder, as it looks to force the company to reduce spending on renewables and make big divestments, The Financial Times’ Malcolm Moore, Tom Wilson, Costas Mourselas, and Sujeet Indap report. The position is one of Elliott’s largest and could include shares as well as derivative positions that replicate an economic interest in the stock, two people close to the situation say. Elliot hopes to see an “aggressive” chair supported by an “engaged” board pushing a reset at BP, according to the people familiar with the matter.