(Bloomberg) — Australian investors are more engaged in activism than at any time in more than a decade, as active campaigns emerge and companies bow to pressure from agitated shareholders.
Bloomberg’s Most Read
This year is the biggest activist campaign start on record, according to data compiled by Bloomberg Intelligence dating back to 2011. So far in 2024, 27 campaigns have been launched at Sydney-listed companies, more than double the past average. decade for the same period.
Lendlease Group is the latest Australian company to give in to investor demands after the property company said on Monday it will sell international assets. Activist shareholders including Tanarra Capital and Allan Gray have been pushing the company to reshape its global ambitions and the move will leave Lendlease focused on Australia.
Five of this year’s campaigns target companies worth more than $1 billion, including actions against oil and gas giant Woodside Energy Group Ltd. and agricultural company GrainCorp Ltd.
Read more: Australia’s Lendlease pivots on overseas property strategy
As clashes between Australian companies and shareholders have intensified in recent years, new power brokers, from billionaires to superannuation fund giants, have moved to the forefront.
In 2022, tech billionaire Mike Cannon-Brookes blocked a spinoff of AGL Energy Ltd., citing climate concerns. Gina Rinehart later thwarted Albemarle Corp.’s A$6.6 billion ($4.4 billion) takeover of lithium miner Liontown Resources Ltd. Meanwhile, AustralianSuper blocked a Brookfield Asset Management-led multibillion-dollar takeover of Origin Energy Ltd.
–With assistance from Jackie Edwards and Sarah Gill.
Bloomberg Businessweek Most Read
©2024 Bloomberg LP
