Activist investor Elliott Investment Management has built a significant stake in oil major BP, Bloomberg News reported on Saturday, citing sources.
Elliott is seeking to boost shareholder value by urging BP to consider transformative measures, the report said. It did not provide the exact size of the stake.
Elliott declined to comment on the report. BP did not immediately respond comment outside regular business hours.
The activist investor sees BP as undervalued. BP has a market capitalization of about 69 billion pounds ($85.62 billion), according to LSEG data.
Earlier this week, BP said it plans to sell a refining site in Germany as the company's chief pushes on with plans to cut company costs by at least $2 billion by the end of 2026.
https://ca.finance.yahoo.com/news/activist-elliott-builds-significant-stake-191646813.html
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