BP shares pop 6% after reports activist hedge fund Elliott has taken a stake in the struggling British oil major – CNBC
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It is also seeking buyers for its Ruhr Oel GmbH German refinery assets and in January revealed plans to cut 4,700 roles amid CEO Murray Auchincloss’ efforts to deliver at least $2 billion of cash savings by the end of 2026.Noting Elliott’s previous intervention in the operations of Canadian energy company Suncor — for which it called for enhancements to the board and a strategic review of certain business units — RBC analysts said the hedge fund could press to change BP’s chairperson.”In terms of strategic business reviews, we would expect a push to effectively split up the core oil and gas segment to some of BP’s transition growth engines, in order to help minimize capital into these areas,” they said in a Monday note, noting such a step may already be in the cards.BP CEO Auchincloss has been working to bolster investor confidence in the £74-billion ($91.87-billion) company, amid rising concerns over the clarity of BP’s strategic direction as it navigates stagnating crude prices and sprawling ambitions in renewable energy during the global green transition. Speculation has been mounting about whether BP could become a takeover target.With roughly $70 billion in assets, Elliott is one of the world’s most prominent active investors, taking a stake in miner Anglo American last year, and last week scoring a win through the three-way split of U.S. conglomerate Honeywell.Got a confidential news tip? We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.© 2025 CNBC LLC. All Rights Reserved. A Division of NBCUniversal
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