BP (BP) shareholder Elliott Investment Management is increasing pressure on the oil major as Chief Executive Murray Auchincloss' turnaround plan was not to the hedge fund's satisfaction, Bloomberg reported Thursday, citing people familiar with the matter.
Elliot believes that strategy lacks urgency and ambition, and does not go far enough, the people reportedly said.
Neither BP nor Elliott immediately responded to MT Newswires' requests for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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