In New York on February 13th, Elliott Investment Management, known for its aggressive approach in pushing for change within companies, is targeting the oil giant BP. With nearly $70 billion under management, Elliott holds a stake close to 5% or around $5 billion in BP, advocating for changes to enhance shareholder value.
Upon news of Elliott's investment surfacing without specific details initially, BP shares surged on expectations of impending improvements. Following the disclosure of Elliott's position, BP announced efforts to address weaker-than-expected results. Notably, sources revealed that Elliott is in support of BP's existing strategy.
This substantial investment in BP closely follows a comparable move by Elliott in conglomerate Honeywell, marking one of the largest activist investments. Known for its relentless activism, Elliott's reputation precedes it as a forceful player in the corporate arena.
Elliott's meticulous research and direct approach often catch company executives off guard. The firm, employing around 600 professionals globally, covertly studies target companies and sectors extensively before making moves. While preferring to operate discreetly, Elliott is not hesitant to escalate into public confrontations if met with resistance from companies.
Though founded by Paul Singer, Elliott operates as a team of portfolio managers and analysts covering diverse sectors worldwide. The firm's successful track record of returns has garnered praise from investors. Elliott remains steadfast in its pursuit of corporate change, even if met with opposition, ensuring its stance is well understood by companies it aims to influence.