By Anousha Sakoui
(Reuters) -Activist investor Elliott Investment Management has built a stake in oil major BP, a source familiar with the matter told Reuters on Saturday.
The source did not provide the size of the stake.
Elliott is seeking to boost shareholder value by urging BP to consider transformative measures, Bloomberg News reported earlier on Saturday.
Elliott and BP declined to comment.
The activist investor sees BP as undervalued, Bloomberg reported. BP has a market capitalization of about 69 billion pounds ($85.62 billion), according to LSEG data.
Earlier this week, BP said it plans to sell a refining site in Germany as the company’s chief pushes on with plans to cut company costs by at least $2 billion by the end of 2026.
BP Chief Executive Murray Auchincloss has been working towards rebuilding investor confidence in the company. In January, the company cut over 5% of its global workforce.
($1 = 0.8059 pounds)
(Reporting by Anousha Sakoui and Gursimran Kaur, Editing by Timothy Heritage)
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