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(Bloomberg) — Elliott Investment Management has built up its stake in BP Plc to just over 5% of shares, as the activist investor continues its pressure campaign at the struggling oil giant.
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The stake, disclosed in a regulatory filing on Tuesday, would make Elliott one of BP’s largest shareholders, on a par with Vanguard Group Inc., according to data compiled by Bloomberg.
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A BP spokesperson said the company was notified by Elliott of the 5% holding and it does not comment on individual shareholdings.
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“Eight weeks ago, we announced a fundamentally reset strategy, and our focus now is on delivering that at pace,” spokesman David Nicholas said in an emailed statement. “We welcome constructive feedback from all shareholders as we focus on delivering our reset strategy.”
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BP’s shares initially surged after Bloomberg first reported Elliott’s involvement in February, with the activist pushing for transformative measures to turn around its weak performance relative to peers. But the company has fallen over the last two months as oil prices plunged and the strategy reset received a lukewarm response from investors, falling short of Elliott’s expectations.
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The UK major’s retreat from its energy transition plans and refocus on fossil fuels has also made climate-focused investors unhappy. Legal & General Group Plc, a top-10 investor in the oil major, is “deeply concerned by the recent substantive revisions made to the company’s strategy” and the impact on climate commitments, according to a post on its website.
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(Includes statement from BP from the third paragraph; details throughout.)
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