Elliott, the activist investor, has reportedly become BP's third-largest shareholder and is advocating for a large-scale asset disposal.

Elliott Management has disclosed a stake of nearly 5% in BP worth about £3.8bn ($4.75bn), making it the third-largest shareholder in the oil company, according to reports. The activist investor is said to be pushing the struggling company to cut its renewable energy spending and embark on a major asset sale. Only BlackRock and Vanguard hold more BP shares than Elliott, which owns 9% and 5% respectively. The news of Elliott’s stake first emerged at the weekend. On Tuesday, BP chief executive Murray Auchincloss pledged a “fundamental reset” of the company’s strategy as he released another disappointing quarterly report. BP is due to unveil its strategy on February 26 at its capital markets day, but it is unclear whether the plans will satisfy Elliott, which wants to see an aggressive chairman backed by the board to drive a reset of the company’s strategy.