Dan Loeb’s Third Point Fund Expands Stake in Energy Giant Shell
- Third Point views the stock as deeply discounted, letter shows
- Fund continues to call for spinoff of gas and renewables units
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Activist investor Dan Loeb’s Third Point LLC fund increased its stake in Shell Plc, saying the oil and gas giant remains undervalued.
Third Point last year built a $750 million holding in Shell and called on the U.K. major to break off its liquefied natural gas, renewables and marketing divisions into a standalone business. The fund argued that in trying to “do it all,” the company had ended up with unhappy shareholders starved of returns.