BP shares jump 6.29% on reports of potential deal

Shares of British oil company BP rose 6.29% in early trading, following reports over the weekend that activist investor Elliott Management has bought a stake in the troubled oil major and could pressure the energy company to turn around its core oil and gas business.

Elliott Management and BP declined to comment on the reports, which did not specify the size of any potential stake accumulated by Paul Singer’s hedge fund.

The British oil major, which is due to report fourth-quarter results on Tuesday and its broader strategy on Feb. 26, has lagged its British and U.S. energy peers, with its shares down about 9% over the past year — compared with a 6% gain for Shell.

Elliott Management is a U.S.-based investment manager. It is also one of the world’s largest active investment funds.