Elliott Management Raises BP Stake to Over 5% Mark
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)
