Reported about 4 hours ago
Elliott Investment Management is increasing pressure on BP Plc after the company's new strategy failed to meet the activist investor's expectations. Elliott, holding a nearly 5% stake in BP, views CEO Murray Auchincloss's turnaround plan as lacking ambition and urgency. After a presentation that reversed plans for reducing oil and gas production and cut investments in low-carbon energy, BP shares fell to their lowest since early February. As a result, Elliott may push for significant changes in the company's management and board if dissatisfied with the current trajectory.
Source: YAHOO