I need to provide more context on Bluebell Capital Partners (see article published on February 6, 2024).
When Bluebell Capital Partners pulls up on a company, it is an orchestrated strategy to get what it wants. The outcome of Bluebell's strategy is dependent on each company's leadership. Euronews captured a comprehensive breakdown of 11 companies impacted by Bluebell Capital Partners' activism, ranging from Danone to GSK and Glencore.
Some to note, as reported by EuroNews:
GLENCORE
In November 2021, Bluebell asked commodity trader Glencore to separate off its thermal coal business.
In February 2022, Bluebell proposed a new structure that would allow the miner to separate its thermal coal business and maintain control of the spin-off.
Update: Bluebell sold its minority stake after Glencore conceded to their demands.
BLACKROCK
In December 2022, Bluebell took aim at the world's largest asset manager, BlackRock , seeking the replacement of longtime CEO Larry Fink. It criticized the group for being inconsistent in its focus on environmental, social, and corporate governance (ESG) issues.
RICHEMONT
Bluebell fired a first salvo against Swiss luxury group Richemont in July 2022, calling for changes to the group's board.
Richemont urged shareholders to vote against appointing a representative of Bluebell to the company's board, citing his links to rival LVMH.
Bluebell, in turn, rejected claims by the Cartier jewellery maker that its candidate would not act independently.
Tensions flared after an overwhelming majority of the luxury goods enterprise's shareholders rejected Bluebell's proposal.
Now that Blubell is pressing BP to ditch it’s clean energy commitments, how do you think they will respond?