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ENERGY SECTOR: FT’s BP Article; Nothing Substantially Different From BBG’s Piece

ENERGY SECTOR
Credit BulletsUKCEEMEABullet

BPLN                  A1/A-/A+

  • Elliott’s stake is worth almost GBP 3.8bn or close to 5% with only Blackrock and Vanguard holding larger stakes (9%/5%). Prepared to be a LT holder in line with campaigns at Hess and Marathon.
  • “It seeks to force the troubled UK oil major to cut spending on renewables and make big divestments, according to two people close to the situation.” Also seeking an “aggressive chair supported by an engaged board”.
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BPLN                  A1/A-/A+

  • Elliott’s stake is worth almost GBP 3.8bn or close to 5% with only Blackrock and Vanguard holding larger stakes (9%/5%). Prepared to be a LT holder in line with campaigns at Hess and Marathon.
  • “It seeks to force the troubled UK oil major to cut spending on renewables and make big divestments, according to two people close to the situation.” Also seeking an “aggressive chair supported by an engaged board”.