BP Shares Jump After Activist Investor Elliott Builds Stake
- BP has performed worse than peers due to a series of missteps
- Elliott’s playbook is to force change at struggling firms
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BP Plc shares surged the most since 2020 after one of the world’s most aggressive activist investors built a stake in the company, seeking to end years of under-performance by pushing for significant change.
Elliott Investment Management, led by Paul Singer, has amassed a significant holding in the British energy giant, Bloomberg reported on Saturday. This is typically the first step in a playbook it has deployed successfully at many other big public companies. Over the years, the fund’s efforts have led to strategy shifts, CEO departures and even corporate breakups.