Shares in BP the oil company that has lagged behind rivals Exxon and Chevron for years, jumped after activist investor Elliott Management revealed its stake in the company had grown to just more than 5%. Elliott’s investment had been reported before, but on Tuesday evening the size was revealed for the first time in a regulatory filing with the London Stock Exchange The hedge fund, led by founder Paul Singer, is now one of the largest holders. BP CEO Murray Auchincloss is focusing the business on oil and gas projects, rather than the less-profitable renewable energy that had become a key part of the company’s strategy since 2020.

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