BP shares jump after activist investor reportedly buys stake in oil giant BP share prices have soared following reports that an activist investor Elliott Investment Management has accumulated a stake in the oil giant.
After a period where BP’s shares stumbled, showing nearly a 10% drop over the past year, the supposed investment by Elliott comes ahead of BP's financial results on Tuesday and the highly-anticipated strategy update due at February's end.
The extent of Elliott's investment in BP remains unknown with neither Elliott immediately available for comment nor BP willing to speak out about the matter.
Commenting on the situation, Kathleen Brooks, the research director at XTB, added some perspective: "We don’t know how big its stake is, or exactly what its plans are for BP – will it try to break the company up, or could it try to force a sale of the company?.
This came following reports over the weekend declaring that the US firm had taken a stake in BP, fuelling speculation over strategy changes at the group and an overhaul of the board.
