Elliott Wants BP to Double Cost Cuts Target to $10 Billion ...Middle East

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Elliott Wants BP to Double Cost Cuts Target to $10 Billion
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Elliott Management, the activist U.S. hedge fund with 5% in BP, is doubling down on its pressure on the UK supermajor to deliver massive cost reductions after the reset, seeking doubling of the current target of $5 billion by 2027, the Financial Times reports.  BP’s stock has been underperforming its UK-based peer, Shell, and other major international oil firms in recent years. The BP board has been under increased pressure to seek fundamental changes to the business to reward shareholders more.    The pressure on BP became…

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