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Hedge fund Elliott Management has taken a short position of 670 million euros in French energy’s major total capacity, according to regulatory filings, as US activist companies are upset by changes at rival BP.
The bet worth 0.52% of the stake was filmed on Thursday and made public on Friday by French market regulators.
Elliott’s move is worth almost £3.8 billion after acquiring nearly 5% stake in February despite struggling with UK oil major BP, where it seeks a massive sale and a new focus on oil and gas.
Hedge funds are often short of competitors in companies that have a stake in order to reduce the impact of broader market movements on their portfolios.
Under long-term CEO Patrick Puyanne, Totalenergies is still investing in expanding oil and gas production. Liquefied natural gas has a growing portfolio, and business sees it as a critical “transition” fuel.
TotalEnergies reported results ahead of last month’s expectations despite slowing products and improved markets that have consistently outperformed their European rivals in recent years and contributed to a 21% decline in net profit in 2024.
The French company is also working on renewable energy through integrated power, a power division that combines gas-fired power plants, and a power division that combines wind, solar and battery technology.
By 2030, the company aims to increase electricity production to over 100th of electricity, starting from 41 terawatt hours in 2024.
Elliott and Totalenergies did not immediately respond to requests for comment.
