Activist investor Elliott Investment Management has built a stake in oil major BP, a source familiar with the matter told Reuters on Saturday.
U.S.-based Elliott is seeking to boost shareholder value by urging BP to consider transformative measures,Elliott and BP declined to comment.
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. Auchincloss is also seeking to restore confidence following the abrupt departure of his predecessor Bernard Looney in September 2023.
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