(Bloomberg) – Elliott Investment Management has built a large stake in BP PLC, according to the people familiar with the matter, as the British are struggling with the confidence of investors and reverse years of performance.
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People said that the activist fund seeks to increase the value of the shareholders by pushing the company to consider the transformative measures, and asked not to specify them because the discussions are private. They said that Elliot believed that BP is less than its value and performance is disappointing. The exact size of the content cannot be learned immediately.
Elliot and BP representatives refused to comment.
BP has decreased by 8 % over the past five years, while its large oil competitors have increased from SHELL PLC to Exxon Mobil Corp by at least 30 %. During the era of former CEO Bernard Loni, the company embraced a failed bet that oil consumption has reached its climax, and since then he has struggled to provide a clear strategy to turn.
With a market value of about 86 billion dollars, its value is less than half of the shell today.
It is widely expected that CEO Murray Usinglos, from the inside who entered this role after his rejection of his personal behavior, determines a clearer shift towards oil and gas when it provides a student strategic update on February 26. However, investors have run out of patience, including after BP warned in October that stock re -purchases may slow down this year.
BP is scheduled to report financial results in the fourth quarter on Tuesday, and it has already put a wide weakness in its business this period. While its largest competitors have also reported less profits in the past three months of the year, analysts see that these companies have a clearer trend and stronger public shifts.
Elliott move is the latest in a series of prominent activists who eat large oil. Exxon lost a battle against Esg-Reding Engine No. 1 in 2021, while Dan Loeb’s Third Point LLC occupied a stake in Shell in the same year, and called on the company to cut off natural gas, renewable energy hardware, and work.
In recent months, Eliott has succeeded in separating from Honeywewe International Inc. And that this week announced that it will be divided into separate companies circulating. The fund also revealed a share in Anglo American PLC last year during the BHP Group attempt to gain London -based miners.
It also has a long history of taking risks and pressing changes in energy companies, including campaigns at NRG Energy Inc. Suncor Energy Inc. product. In recent years.
BP shares are reserved by a wide range of institutional investors. The company’s poor performance for a long time has pushed some commentators to point out that its best choice can be a buyer, especially indicating Shell, which may make great cost savings in the United States and create a British champion or other competitors as Conocophillips or Totalergies SE.
Auchincloss announced last month that the company will reduce about 5 % of the workforce to reduce expenditures, and it was planning more costs during this year. The company has stopped or stopped 30 projects since last June to focus on those that achieve the most money.
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