Hi, welcome to the Bloomberg Deals newsletter. Today, we’re looking at the much anticipated turnaround plan from BP, which is under pressure from the world’s biggest activist investor. Also today, Blackstone wagers nations will continue to embrace cleaner forms of energy.

FTSE 100 rallies amid broad gains for European stocks, helped by copper miners after the metal jumped following the US opening a probe into potential tariffs; BP shares reverse a

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In an industry where timing is everything, BP made the right bet at the wrong time,” says one professor who has studied its strategy.

BP said on Wednesday it would increase annual oil and gas investment to $10 billion, returning the focus to fossil fuels, as part of CEO Murray Auchincloss' efforts to boost returns and improve financial performance.

BP Plc announced a major pivot back to its core oil and gas business and promised to sell assets and reduce spending, but also slowed the pace of its crucial share buybacks.