Activist fund predicted to push for overhaul of oil company’s strategy and shake-up of board

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Shares in BP have jumped by 8%, its biggest rise since 2020, after it emerged that the activist investor Elliott Investment Management had taken a stake in the UK oil company.

The stock rose as investors bet that Elliott, a feared New York hedge fund known for its attempts to shake up listed companies, would push for an overhaul of BP’s strategy, along with a revamp of its board.