Brenntag pays out one billion euros to shareholders

Rautenberg considers the power of activist investors to be at least partially problematic: “Whoever shouts the loudest is not the most right, but makes themselves heard,” argues the fund manager. As a result, activist investors sometimes have more influence than their participation justifies. The American Engine Capital holds one percent of the shares, the British Primestone Capital two percent. The main owners of Brenntag are institutional investors, each with three to five percent. According to Rautenberg, a separation would lead to price fireworks in the short term, but less success in the long term. Unlike some activist investors, Union Investment as a long-term investor is therefore not interested in a split.