BP's share price rallies 6% after US activist hedge fund Elliott builds stake

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Shares in UK oil and gas giant BP have rallied 6.5% at the market open today, after it was revealed that activist hedge fund Elliott Investment Management has built up a major stake in the firm.

The Delaware-based investment company, which is known for its activist shareholder campaigns at companies including GSK and Germany's Fresenius, is led by Paul Singer, who is recognised for his high-profile, and often aggressive dealmaking. US activist investor Elliott Management takes 5% stake in Scottish Mortgage The US hedge fund has had an ongoing presence among UK firms, most recently in Scottish Mortgage when it took a 5% position last March and before that it was well-known for its public battle with Alliance Trust. In 2015, the firm used its position as the trust's largest ...