BP’s shares rose after reports that Elliott acquired a share in British Oil Major

BP stock jumped to market open after the weekend Report Its activist investor Elliott Management could build a struggling oil major stock and pressure energy companies to shift gears into the core oil and gas business.

BP stocks rose 8.06% in London time at 8:32am.

The company declines to comment on a report that does not specify the size of the piles that Paul Singer hedge funds have originated. CNBC reached out to Elliott Management for comment.

British Oil Major is scheduled to release fourth quarter results on Tuesday, published last month. Trade renewal Higher corporate cost warnings, lower quarter of the fourth quarter achieved purification margins and one-off fees associated with bioethanol acquisition.

This fast news article has been updated.