Activist Funds Top €3.34 Billion in Spain

Activist funds held stakes in Spanish listed companies worth $3.89 billion (€3.35 billion) at the end of September, according to the Q3 2025 edition of the Sodali 40. This marks a 3.5% increase year-on-year, despite a slight decline compared to June 2025.

This article, published by Expansión, reports that Spain now ranks seventh globally and fourth in Europe for activist investment, trailing France, the UK, and the Netherlands. Overall, Europe experienced a 24.3% increase, reaching $44.96 billion, thereby consolidating its position as the second-largest region for activism after the United States.

Sodali & Co’s study highlights Spain as a priority destination for activist funds, with strong activity in energy, infrastructure, industrials, and financials. Recent campaigns have targeted Repsol—where Elliott Management raised its stake to 1.13%—and Aena, where TCI Fund Management pressed the board to resist regional co-management pressures.

Spain’s growing role in global activist strategies underscores its attractiveness for investors seeking influence in key sectors.

Read full article here (in Spanish).