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Third Point set to play long game in pressuring Shell

REUTERS

Third Point set to play long game in pressuring Shell

Oct 29 (Reuters) – When investors saw Daniel Loeb’s Third Point LLC unveil a stake in Royal Dutch Shell (RDSa.L), some were quick to make the comparison to Exxon Mobil Corp (XOM.N), whose board was challenged this year by another hedge fund, Engine No. 1.

Yet Third Point plans to follow a different tack, according to people familiar with its plans. It has not put forward any board nominees or threatened the chief executive’s job and there are no immediate plans to do so, the sources said.

Instead, the $19 billion fund outlined its suggestions to Shell in a letter to its own investors, making for a low-key introduction of its hopes for the $190 billion oil company.

Third Point’s founder, billionaire investor Daniel Loeb, wants the Anglo-Dutch company to separate its oil and gas business from its renewable-energy and liquefied-natural-gas operations.

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