Activist Alert for Europe | Interim Outlook for 2023
Activist investors are increasing their focus on operational performance, capital allocation and environmental priorities
Momentum Builds Across Europe
This interim outlook finds that momentum is steadily building across Europe's activist landscape. After a subdued start to the year, campaign activity increased each month through the first half of 2023, while the number of investors pursuing activist strategies continued to grow. A&M predicts that this momentum will gather pace through 2024 as market volatility, valuation pressures and investor expectations combine to create fertile conditions for activism. The report highlights growing focus on five key markets—UK, Germany, France, Switzerland and Scandinavia—as well as increasing scrutiny of communications, technology, industrial and consumer businesses. Environmental campaigns continue to grow rapidly, while demands relating to corporate transformation, operational performance and capital allocation have become more prominent than traditional M&A-focused activism. Together, these trends point toward a more diversified and demanding activist environment for European boards. |
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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.
Arrange a personalised de-brief with the A&M team by contacting a member of our team in your local region.
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.
