BP chief executive Murray Auchincloss this week promised a ‘fundamental reset’ of strategy as BP reported on Tuesday that profits last year fell to the lowest level since the pandemic.
Elliott reportedly wants BP to limit spending on renewables and sell a significant proportion of its green assets – and could push for chairman Helge Lund to quit.
Only BlackRock and Vanguard hold larger stakes, worth 9 per cent and 5 per cent respectively.
Activist investor Elliott Management has become the third-largest shareholder in oil giant BP, with a stake worth nearly £4billion.
The Financial Times yesterday reported Elliott has built a near-5 per cent stake, worth around £3.8billion.
