Activist hedge fund Elliott Management has built a stake in struggling UK oil major BP, two people with knowledge of the move told Wall Street Journal, APA reports.
The exact size of Elliott’s stake could not be learned but the $70bn assets under management hedge fund has adjusted its activist strategy in recent years to increase the size of its individual bets, while reducing the number of situations it focuses on.
Recall that BP is one of the main participants in large oil and gas projects in Azerbaijan.
