Be informed about free updates
Simply log in to Oil and gas industry Myft Digest – delivered directly to your arrived mail.
An activist Hedge Fund Elliott Management has built a stake in the fight against a petroleum product in the UK, towards two people with knowledge of the move.
The exact size of Elliott’s share could not be learned, but the $ 70 billion property in the management Hedge Fund has adapted its activist strategy in recent years to increase the size of its individual bets, at the same time reducing the number of situations to which it focuses.
BP shares have fallen to almost 9 percent for the last year, compared to a 6.5 percent increase in Shell rivals, and investors complained of the financial resistance of the company’s efficiency, high debt level and lack of strategic clarity.
For the last few weeks, speculations have been full in the London market that BP is vulnerable on a supply bid or an activist shareholder.
The pressure of the American investor could push the BP to divert to their basic oil and gas jobs after building a spacious Empire of Green Energy Projects for years.
A BP investor suggested that Elliott could call a complete breakup or that the company withdraw from some of its weaker companies and revised in the US.
Other activist funds have recently looked at the BP share, but the size of the 70 billion pounds has distracted them. An American activist who considered a move said the BP Committee “slept on the wheel” and had a “confused strategy”. He added, “BP -Ih upwork justifies the whole market value.”
Both BP and Elliott refused to comment.
BP reports on three -month results on Tuesday and will update investors on its medium -sized strategy on February 26.
Murray Auchincloss, the company’s executive, delayed the update and moved it from New York to London after undergoing undiscovered medical procedure.
Elliott’s stake was first reported by Bloomberg.
Additional reporting Jamie Smyth in New York
