Daniel Loeb’s Third Level LLC has taken a big stake in Royal Dutch Shell PLC and is urging the oil large to separate into two firms to retain and appeal to buyers as many flee shares seen as environmentally unfriendly.
The activist is the most recent to stress a significant oil firm to vary its strategic course, because the companies face calls to cut back fossil gasoline investments and pivot to renewable vitality amid considerations about local weather change. Upstart hedge fund Engine No. 1 waged a profitable marketing campaign to win seats on the board of Exxon Mobil Corp. in Might.
