Activist investors from the US are turning their attention
to European corporates as local companies learn to defend
According to Activist Insights, 97 European companies were
on the receiving end of public activist demands in 2016, up
from 72 in 2015. Forty-three of these were UK companies.
Chris Davis, partner at
Kleinberg Kaplan Wolff & Cohen in New York, advises
activist hedge funds including Elliott Management. He said that
so far, outcomes for US activists in Europe have not matched
the talking up of opportunities – but that could
"Most of the low-hanging fruit in the US and even Canada has
been picked now, so it’s increasingly difficult to
be an activist here," he said. "But in Europe, the fact is
there’s too much fat. These companies are
Essentially the view is that not only are there more
badly-run companies on the continent, but that European...