Christian Sealey: We are collaborating with Helios for a potential delisting of LAR España

Sodali & Co acts as a trusted advisor for many Spanish companies involved in corporate takeovers. In this interview with EL ESPAÑOL,  Christian Sealey, International CEO for APAC and EMEA, highlights trends and campaigns Sodali & Co have been involved with, such as the acquisition of SMS by KKR and the defense of Abcam against activist Jonathan Milner.

Sealey shares that shareholder activism in Europe is often behind closed doors, but we are seeing a shift from ESG to valuation and performance-based activism. US activists like Elliott and Trian have also influenced European activities, with the UK being a hotspot.

Activism is also expanding beyond traditional funds, with labor groups and anti-ESG political figures entering the scene. “An excellent example of this is the current situation of Volkswagen in Germany, where business decisions made to protect the company's long-term viability in response to the challenges of the electric vehicle market have implications for a wide range of stakeholders,” he comments.

“There is also an increasing number of votes against directors and company remuneration reports. Often, this is the initial point where investors send a message to the company, resulting in more prolonged activism campaigns.”

Regarding lower corporate activity in 2022 and 2023, and in anticipation of 2025, Sealey points out that “in all markets worldwide, we are observing an increase in activism driven by both traditional activists and active investors, who are shifting their focus from ESG-centered activism to operation and valuation-oriented activism.”

Read the full article here (in Spanish).