A&M Activist Alert for Europe | Forecast and Outlook for 2023
Why a temporary slowdown in activism is expected to give way to renewed campaigns throughout 2023
Preparing for the Next Activist Wave
The tenth edition of the AAA report examines a temporary lull in activism caused by macroeconomic uncertainty while forecasting a strong resurgence during 2023 and into 2024. Although campaign volumes declined during 2022, the report finds that the number of activist funds operating in Europe continued to grow, suggesting increasing pressure would return once financial visibility improved. Key themes include rising attention on consumer and energy companies, growing demands for capital reallocation, renewed M&A activism and continued growth in environmental and social campaigns. The report also highlights how low valuations and higher costs of capital are likely to create opportunities for activists to push for portfolio optimisation, asset sales and strategic change. For boards, the message is clear: the temporary slowdown provides limited time to strengthen performance before activism accelerates again. |
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Whilst we do not publicly release individual company predictions, we would be delighted to discuss specific AAA modelling and analysis for any particular corporate with a senior member of the company.
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The A&M Activist Alert (AAA) reports provide a comprehensive analysis of shareholder activism trends across Europe and the United States, offering insights into evolving market dynamics, activist strategies, and corporate responses.
In 2026 we launched the U.S. AAA report, our first Activist Alert publication with a U.S. perspective. This inaugural U.S. edition explores the rise in activism post-2024 elections, the role of M&A, and the concept of an Equity Story—a strategic narrative that aligns corporate performance with investor expectations.
Click here to access the AAA Report for the United States.
