Elliott takes up £3.8bn stake in BP

Notorious activist investor Elliott Management has taken up a £3.8bn stake in BP, becoming the ailing oil major’s third-largest shareholder, according to reports. The US fund’s investment in the London-listed petrochemical giant emerged last weekend, shortly before BP reported an anaemic set of full-year results that saw its profit slump to $8.9bn (£7.9bn). The earnings [...]