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Third Point Doesn’t Have the Answer for Shell

Third Point Doesn’t Have the Answer for Shell

Third Point is right that Royal Dutch Shell is undervalued, but splitting up the company isn’t a great solution.

The activist investor launched a campaign to break up the European energy giant into lower-carbon and legacy businesses on Wednesday. It believes a split would add value by creating simpler investment propositions and more focused businesses. Shell rejected the plan when it reported third-quarter results on Thursday, arguing that its businesses can do more together, even if a breakup might provide a short-term pop. It is a classic but fair defense.

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