Elliott Wants Big Asset Sales at BP After Building $4.75-Billion Stake

Elliott Management is pushing for major asset sales at BP to address the undervalued shares of the UK-based supermajor after the U.S. activist investor built a stake of nearly 5% worth about $4.75 billion (3.8 billion British pounds), the Financial Times reported on Thursday, quoting sources familiar with the matter. News of Elliott’s recently-built stake in BP, which now makes it the third-largest shareholder, broke this weekend, pushing BP’s shares soaring on Monday. On Tuesday, BP’s stock fell as the company reported earnings…