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Tags: Financial Markets | Infrastructure | Middle East | Money | Russia | Dutch Petroleum Shell Oil | renewable energy

Third Point Takes Big Stake in Shell, Urges Breakup: WSJ

Shell Oil
(AP)

Wednesday, 27 October 2021 12:35 PM

Activist investor Daniel Loeb's Third Point took a large stake in Royal Dutch Shell and has urged the European oil major to split into two separate companies, the Wall Street Journal reports Wednesday.

The stake is worth more than $500 million, making Third Point one of the largest investors in Shell, the report says, citing people familiar with the matter.

Shell and Third Point did not immediately reply to Reuters requests for comment.

The fund believes Shell should consider creating two stand-alone companies: one housing its legacy businesses and the other focused on renewables, The Wall Street Journal reports, citing a letter to the company's investors on Wednesday seen by the paper.

Shell, which is due to publish third-quarter results on Thursday, is the world's biggest fossil fuel retailer -- and aims to become one of the world's biggest renewable electricity traders.

Smaller Shell rivals Eni and Repsol have already flagged plans to spin off parts of their renewables businesses to help finance their transition to offering more lower-carbon products.

© 2021 Thomson/Reuters. All rights reserved.


StreetTalk
Activist investor Daniel Loeb's Third Point took a large stake in Royal Dutch Shell and has urged the European oil major to split into two separate companies, the Wall Street Journal reports Wednesday.
Dutch Petroleum Shell Oil, renewable energy, fossil fuel, climate change, alternative energy sources
170
2021-35-27
Wednesday, 27 October 2021 12:35 PM
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