BP shares jumped early Monday following weekend reports that activist investor Elliott Management has built a stake in the struggling oil major.
The company has declined to comment on the reports, which do not specify the size of the stake accrued by Paul Singer's hedge fund. CNBC has reached out to Elliott Management for comment.
The British oil major, which is set to unveil its fourth-quarter results on Tuesday and its broader strategy on Feb. 26, has been lagging its British and U.S. energy peers, with shares falling roughly 9% over the last year — compared with 6% gains for Shell.warning of higher corporate costs, lower fourth-quarter realized refining margins and one-off charges linked to its bio-ethanol acquisition.
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