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Shell should be broken up, says US investor Daniel Loeb

The Times

Shell should be broken up, says US investor Daniel Loeb

Oil major cannot be ‘all things to all people’

A US corporate raider has amassed a large stake in Royal Dutch Shell and called for a break-up to end the oil major’s efforts to be “all things to all people”.

Third Point accused Shell of attempting to “do it all” amid conflicting demands for the Anglo-Dutch group to invest in renewable energy while capitalising on its legacy oil and gas assets.

Shell should be split into at least two businesses, Third Point argued on the eve of the company’s latest results, to draw a line under a “difficult two decades” for its shareholders.

The New York-based hedge fund’s stake in Shell is said to be worth close to $750 million. Daniel Loeb, its founder and chief executive, said Shell’s board “can and must move…

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