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Third Point's Loeb Praises Shell Moves, Sticks by Calls For Breakup

Haiden Holmes

May 09, 2022 10:14

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Daniel Loeb, an activist investor who desires the breakup of Royal Dutch Shell (LON:RDSa) Plc, hailed the energy giant's decision to relocate its headquarters, despite his belief that a new corporate structure would be more successful.


In October, Loeb said that his hedge fund Third Point LLC had acquired a $750 million interest in the business. On Friday, he informed his own investors that he has increased his Shell stake and held meetings with management, the board of directors, and other shareholders.


The letter, which was viewed by Reuters on Saturday, referred to the discussions as "productive" and stated that the company's stock price is now low, but that "good management" will lead to price increases.


Loeb is steadfast in his belief that the company's success might be enhanced by a different corporate structure. However, he also supported Shell's decision to relocate its headquarters from the Netherlands to the United Kingdom and to form a single class of shareholders.


This enables for a more flexible portfolio modification (via asset sales or spin-offs) and a more efficient return of cash, specifically through share repurchases, according to the letter.


In October, Loeb stated for the first time publicly that Shell would profit from separating its liquefied natural gas, renewable energy, and marketing businesses from its traditional energy business. He wrote that numerous stockholders share this opinion.


Current geopolitical events, according to Loeb's letter, highlight the strategic importance of dependable energy supply, particularly in Europe. The letter stated, "Shell's LNG (liquid natural gas) business, the largest in the world outside of Qatar, will play a crucial role in guaranteeing Europe's energy security."


This is the first time since the initial announcement that Loeb has informed his clients on the Shell deal.


In a broader sense, Loeb stated that his business has made more investments in energy firms and other stocks that will benefit from greater inflation, supply constraints, and a shift toward more renewable energy sources.

Third Point Partners' Fund lost 11.5% in the first quarter, but the firm avoided more severe losses in April, when its fund fell 1% and the S&P 500 index fell 8%.


Third Point sold off a number of major equity positions and made a new investment in mining giant Glencore (OTC:GLNCY), which is poised to profit from the transition to renewable energy. He anticipates that the company's new management team, enhanced ESG profile, and "quite significant financial returns to shareholders and government settlements" will allow it to catch up to other mining corporations.

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