Energy
Elliott Ramps Up Pressure on BP as New Strategy Falls Short
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Elliott Investment Management is ramping up pressure on BP Plc after its new strategy fell short of the activist investor’s expectations, people with knowledge of the matter said.
The hedge fund sees BP Chief Executive Officer Murray Auchincloss’s turnaround plan as lacking in urgency and ambition, the people said, asking not to be identified the information is private. While the plan marks a departure from BP’s previous strategy, Elliott believes it didn’t go far enough, according to the people.