BP Plc, in which activist investor Elliott Investment Management has built up a nearly 5% stake, is considering a potential sale of its lubricants business, according to people familiar with the matter.

Activist investor Elliott Management has built a near 5% stake in BP and is pushing the oil company to take radical action to transform its performance, including a big divestment programme, a source familiar with the matter told Reuters on Thursday.

Elliott Investment Management expected to use its influence to force supermajor to move away from low-profit renewables

On this episode of In the City, we discuss what set the stage for Elliott Investment Management’s interest in the embattled oil giant.

BP ’s investments in low-carbon ventures added to the financial strain. The dismal results coincided with reports that Elliott Investment Management, an aggressive activist hedge fund, has taken a substantial stake in the oil giant.

BP has a laundry list of problems. The $93 billion UK oil major has a confused strategy, an overleveraged balance sheet, and a valuation way adrift of its main rivals. Given it also now has an activist investor - Elliott Investment Management - with a 5% stake,

Several BP Plc shareholders said they welcome activist Elliott Investment Management taking a stake in the British oil major because the company needs to make meaningful changes.

Elliott Investment Management is demanding BP Plc make drastic cost cuts and divestments to strengthen its future as a standalone company, people with knowledge of the matter said.

BP Plc CEO Murray Auchincloss insisted that the company’s “fundamental reset” has been in the works for a year, while refusing to comment on an analyst’s question about whether he’s had engagement with activist Elliott Investment Management.

Elliott Investment Management is demanding BP (BP) make significant cost cuts and divestments to strengthen its future as a standalone company,

Activist hedge fund Elliott Management has built a stake of nearly 5% in BP (BP), becoming the oil major’s third-largest shareholder, as it

Activist hedge fund Elliott Management has become BP’s third-largest shareholder after building a near-5 per cent stake worth almost £3.8bn, as it seeks to force the troubled UK oil major to cut spending on renewables and make big divestments,