BP indicates that activists often press the open door

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Activists have the wind in their sails. The number of companies worldwide, the highest since 2018. Not surprisingly. Instead of setting a siege on the boards and driving, they seem to push the open door.

BP is a great example. Mur Strategic overhaul Just a few weeks after Elliot was detected took almost 5 -percent stock package in insufficient efficiency of the British oil major. A year ago Auchincloss dropped his weight over the pre -strategy BP on emission cuts Enlargement of frustration Other shareholders.

Elliot also saw the results of Swift In Honeywell International. Others also reap fast awards. Nelson’s triano partners got the place of the board Within three months after it turned out, he took a position in the UK pest controller. FTSE 100 Conglomerate Smiths Group announced the violation shortly after the American engine activist Capital called for this to break.

The data on how quickly activists achieve results is often clouded by the fact that many companies start behind closed doors. Accepting the resignation of the head of the executive power as an indicator, however, it seems to win.

According to Barclays 2024 A review of shareholders27 main executives resigned from companies sent to activists last year, above the four -year average 16. Over the last two years, the leadership on the fifth part of the target companies resigned during the year after the activist started his campaign. According to the certificate, the average annual turnover in the S&P 500 index is 12 percent.

The game has a number of possible factors. First, many recent high-profile companies are aimed at insufficient conglomerate results if activists can eventually get other disappointed investors.

It is known that the gap of conglomerates or difficult portfolio companies. But dismantling conglomerates are a strategy that makes better in more reliable M&A conditions. A widely advertised revival in the spirits of animals can even help the activists. BP confirmed on Wednesday that consider your lubricants Business Castrol, which can cost About 10 billion dollars. Auchincloss said it would be aimed at $ 20 billion by 2027.

Passive investment growth can also play a role. Trackers index are increasingly occupying the major shareholder registers, not vocal institutional investors. This creates a gap for activists to enter and hold the legs of the council and manage the fire, often with strong support for other minority shareholders.

Smart boards will pre -prevent the attacks by behaving more like the activists themselves. If the BP performance is revised in the following years, as it has no doubt, it is likely to be the biggest departure. A year ago, its chairman Helj Lund had to cut ties with the previous strategy. At least then, he, not the activist, could require a loan.

nathalie.thomas@ft.com