Elliott Takes Short Position in Shell Amid BP Activist Campaign

Elliott Investment Management Ltd., which is in the middle of an activist campaign at BP Plc, has taken a short position equivalent to 0.5% of shares in London-based peer Shell Plc.

The short position, included in data published by the UK Financial Conduct Authority, is part of Elliott’s global hedging program, a person with knowledge of the matter said. The hedge fund has taken a large stake in BP, so short positions in other oil companies could help offset the risk of share moves driven by external factors, such as crude prices.

Elliott also disclosed a short position of ...