Anousha Sakoui
(Reuters) -Activist investor Elliott Investment Management has built a stake in a oil major, said a source who was familiar with the issue on Saturday.
The source did not provide role size.
Elliott, based in the United States, wants to increase the value of shareholders by urging BP to consider transformative measures, Bloomberg News reported earlier on Saturday, calling Elliott’s share in the “significant” company.
Elliott and BP refused to comment.
The activist investor sees BP underrated, Bloomberg reported. BP has a market capitalization of around £ 69 billion ($ 85.62 billion), less than half of the Shell rival value of about 161 billion pounds, according to LSEG data.
Earlier this week, the BP said he was planning to sell a place to refine in Germany, as the head of the company continues with plans to reduce the company’s cost for at least $ 2 billion until the end of 2026.
Executive director of BP Murray Auchincloss worked to restore confidence in investors in the company. In January, the company said it would reduce more than 5% of its global labor.
Auchincloss also wants to restore confidence after the sudden departure of his predecessor Bernard Looney in September 2023.
Auchincloss, who took office a year ago, will outline his new strategy on the day of investor on February 26. He has already taken the main steps to reverse the strategy of his predecessor to move from oil and gas.
The British oil manufacturer has warned that the recruiting decline in refinement and the impact of a reversal and maintenance activity would result in profit reduction of up to $ 300 million.
Other global refineries in January offered small optimism in a short -term improvement of profit after a decline in the fuel production.
BP reports on its fourth quarter and year -old results on February 11th.
Elliott has become one of the most influential activist investors with about $ 70 billion in assets after recently asking for a break in Honeywell. The Fund also built a 3.2% stake in Anglo American after a miner in London became a target of downloads by a larger rival BHP Group.
($ 1 = 0.8059 pounds)
(Reporting Anousha Sakoui and Gursimran Kaur, Mounting Timothy Heritage and Diane Craft)
