Activist investor Elliott Management has built a near 5% stake in BP and is pushing the oil company to take radical action to transform its performance, including a big divestment programme, a source familiar with the matter told Reuters on Thursday.

BP shares surged on Monday, rising nearly 7% in early trading, after reports emerged that activist hedge fund Elliott Investment Management had acquired a stake in the British oil giant. The size of Elliott’s holding has not been disclosed,

According to Bloomberg, Elliott Management, a well-known activist hedge fund, has acquired a stake in the struggling UK oil giant BP (BP). This