Elliott increases BP stake to just over 5%

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April 22, 2025 11:52 AM EDT

FILE PHOTO: FILE PHOTO: The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo

LONDON (Reuters) - Activist hedge fund Elliott holds 5.006% of voting rights in BP, according to a regulatory notice published on Tuesday, crossing the threshold that requires reporting of big shareholdings in British companies.

This makes Elliott BP's second-biggest shareholder after Blackrock at 9.2% and ahead of Vanguard at 4.95%, according to LSEG data. BP's current market valuation is around $76 billion.

Elliott holds its stake via financial derivatives called equity swaps, the notice showed.

People with knowledge of the matter had previously put Elliott's stake at near 5%.

(Reporting by Shadia Nasralla; Editing by Tomasz Janowski)


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