BP shares rise after reports Elliott has taken a stake in the British oil major

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BP shares rise after reports Elliott has taken a stake in the 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

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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 8.06% at 8:32 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

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warning of higher corporate costs, lower fourth-quarter realized refining margins and one-off charges linked to its bio-ethanol acquisition.

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