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Dan Loeb swats away activist with heavy hand

REUTERS

Dan Loeb swats away activist with heavy hand

LONDON, Dec 2 (Reuters Breakingviews) – Dan Loeb, the billionaire activist calling for change at Royal Dutch Shell (RDSa.L), has fended off his own mini-revolt.

Shareholders in Third Point Investors (TPOGu.L), a UK-listed trust that owns a stake in Loeb’s main fund, roundly rejected a move by uppity shareholder Asset Value Investors to throw a Third Point employee, Josh Targoff, off the board.

Loeb’s victory is clear. Votes against the proposal numbered 30 million, versus just 9 million for it.

(By Neil Unmack)

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