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.
