May 5, 2023

Die chemische Industrie gerät verstärkt ins Visier aktivistischer Investoren

Europas Chemieindustrie ist mehr und mehr dem Einfluss aktivistischer Investoren ausgesetzt. Aktivistische Investoren beteiligen sich mit kleinen Anteilen an öffentlich gelisteten Unternehmen mit der klaren Zielsetzung die übergeordnete Unternehmensstrategie in ihrem Shareholder Value-orientierten Sinne zu beeinflussen. Da aber die Unternehmensstrategie traditionsgemäß in den Verantwortungsbereich des Unternehmensvorstandes fällt, wird diese aktuelle Entwicklung auf den Vorstandsetagen zunehmend mit Sorge betrachtet.

Die Vorgehensweise aktivistischer Investoren ist häufig gleich. Zielsetzung ist, den Gesamtwert ihres Anteils innerhalb ihres Investitionshorizonts zu steigern; ein Horizont, der in der Regel deutlich kürzer ist als der, der übrigen Anteilseigner oder des Managements. Diese Diskrepanz ist besonders kritisch für die traditionell längeren Investitionszyklen in der chemischen Industrie.

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