BP shares pop 7% after reports activist hedge fund Elliott has taken a stake in the struggling British oil major

A general view of the BP logo and petrol station forecourt sign on January 22, 2024 in Southend, United Kingdom.

John Keeble | Getty Images News | Getty Images

BP shares jumped at the market open following weekend reports that activist investor Elliott Management has built a stake in the struggling oil major and could pressure the energy company to shift gears on its core oil and gas businesses.

BP stock was up 7.14% at 8:41 a.m. London time.

The company has declined to comment on the reports, which do not specify the size of the stake accrued by Paul Singer’s hedge fund. CNBC has reached out to Elliott Management for comment.

The British oil major, which is set to unveil its fourth-quarter results on Tuesday, last month issued a trading update warning of higher corporate costs, lower fourth-quarter realized refining margins and one-off charges linked to its bio-ethanol acquisition.

This breaking news story is being updated.

Source

World

CNBC Daily Open: Definite tariffs could be better for markets than on-and-off ones

May 30, 2025

Cranes at the Port of Los Angeles are empty of cargo ships, in San Pedro California, U.S., May 13, 2025. Mike Blake | Reuters A U.S. federal trade court striking down President Donald Trump’s “reciprocal” tariffs on a broad swathe of countries seems, on the surface, a positive development all around. A lack of tariffs […]

World

Asia-Pacific markets set to open lower as weakness in the U.S. dents investor sentiment

May 30, 2025

A HDR evening shot taken at sunset of the Tokyo skyline. Fgm | E+ | Getty Images Asia-Pacific markets were set to decline Friday, with a slowing U.S. economy, inflation fears and uncertainties from the judicial developments surrounding U.S. President Donald Trump’s “reciprocal” tariffs weighing on investor sentiment. The U.S. Court of International Trade ruled […]

World

Trump administration emerges as a staunch defender of Germany’s far-right AfD

May 29, 2025

US Vice President JD Vance attends a meeting of the White House Task Force on the FIFA World Cup 2026, in the East Room of the White house in Washington, DC, on May 6, 2025. The soccer world championship will take place from June 11 to July 19, 2026, and will be hosted by the […]