The activist fund Third Point, shareholder of the Anglo-Dutch oil giant Shell, aims to divide the multinational into several subjects because they are dissatisfied with the strategic choices made so far. This was revealed by the Financial Times according to which Third Point, led by Daniel Loeb, would have urged Royal Dutch Shell to split into “more autonomous companies”, including a “legacy” arm focused on oil and gas that could “slow the capex beyond expectations “. Third Point’s stake is worth nearly $ 750 million, according to Ft.
The move by the New York hedge fund comes less than six months after the Hague Tribunal ordered the Anglo-Dutch firm to speed up plans to cut greenhouse gas emissions. It also follows an activist campaign led by hedge fund Engine No. 1 against Shell’s American rival, ExxonMobil. In a letter sent to, Third Point writes that Shell has “too many competing shareholders pushing it in too many different directions, resulting in an inconsistent and conflicting series of strategies that seek to satisfy multiple interests but satisfy none.”
While Shell’s “legacy” newco could manage fossil fuels, according to Third Point’s vision, a separate entity should focus on clean energy, to “combine modest cash returns with aggressive investments in renewable energy and reduction technologies. carbon. Pursuing a bold strategy like this would likely lead to accelerated CO2 reductions as well as significantly higher returns for shareholders, a win for all stakeholders, ”reads the preview letter from FT.