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ENERGY SECTOR: BP Activist Stake

ENERGY SECTOR
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There is a broad range of what “transformative measures” could mean. It seems likely that this would involve leadership change and/or some type of restructuring. In the absence of further detail, we don’t think this is a positive for spreads given uncertainty and renewed strategic focus on shareholder value. Moves to potentially shift back towards traditional O&G activities could mean ESG implications.

  • BBG sources report that Elliott Investment Management has built a “significant stake” in BP, seeking to boost equity value by pushing to consider “transformative measures”.
  • Article notes that Elliott has recently pushed for the breakup at Honeywell while also disclosing a stake in Anglo American during BHP’s attempted acquisition.
  • At US power generator NRG Energy, Elliott pushed for CEO changes and the sale of most of the company’s solar and wind fleet.
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There is a broad range of what “transformative measures” could mean. It seems likely that this would involve leadership change and/or some type of restructuring. In the absence of further detail, we don’t think this is a positive for spreads given uncertainty and renewed strategic focus on shareholder value. Moves to potentially shift back towards traditional O&G activities could mean ESG implications.

  • BBG sources report that Elliott Investment Management has built a “significant stake” in BP, seeking to boost equity value by pushing to consider “transformative measures”.
  • Article notes that Elliott has recently pushed for the breakup at Honeywell while also disclosing a stake in Anglo American during BHP’s attempted acquisition.
  • At US power generator NRG Energy, Elliott pushed for CEO changes and the sale of most of the company’s solar and wind fleet.