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Activist Investor Loeb Takes Shell Stake, Pushes to Break Up Company

  • Loeb calls for separating LNG, renewables and marketing units
  • ‘You can’t be all things to all people,’ he says in letter
Dan Loeb
Dan LoebPhotographer: David Paul Morris/Bloomberg
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Activist investor Dan Loeb has built a position in Royal Dutch Shell Plc and is pushing for a breakup of the energy giant as it embraces renewable energy while continuing to pump oil and gas.

Loeb’s Third Point LLC has taken a $750 million stake, according to a person familiar with the matter, equivalent to about 0.4% of the company. The firm said in a letter to investors Wednesday that Shell would benefit from breaking off its liquefied natural gas, renewables and marketing businesses into a standalone company. That would separate it from Shell’s legacy energy business, which would include the upstream, refining and chemicals operations.