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BP shares jump after feared US hedge fund Elliott takes stake | BP | The Guardianhttps://www.theguardian.com/business/2025/feb/10/bp-shares-jump-after-feared-us-hedge-fund-elliott-takes-stakeElliott’s arrival could lead to the departure of BP’s chair, Helge Lund, and put pressure on its management to shift back more decisively towards fossil fuels, analysts said.
Shares in the 120-year-old company rose by more than 8% in early trading on Monday, before closing up about 7% at 465p, the highest since last July and helping the FTSE 100 to hit a new record high.
Elliott, led by the billionaire Paul Singer, has amassed a significant holding in the British energy company, Bloomberg reported on Saturday.
BP abandons its commitment to renewables and strengthens its oil and gas businesshttps://www.drivingeco.com/en/bp-abandons-renewables-bet--strengthens-oil-and-gas-business/BP has given a radical change in its energy strategy, moving away from its renewables ambitions to strengthen its traditional oil and gas business. The decision, influenced by pressure from activist fund Elliott Investment Management, seeks to improve shareholder returns in a context of unstable oil prices and rising debt. The plan includes cuts in share buybacks and an investment of up to $16.000 billion in fossil fuels by 2030, unleashing a wave of criticism among environmentalists and advocates of energy transition.