According to the Financial Times, London-based hedge fund Bluebell, known for its activist stance against major corporations, is turning up the heat on BP, urging the energy giant to abandon its clean energy commitments. This move follows Bluebell’s previous campaigns against Danone and Glencore, where it successfully influenced leadership changes.
Bluebell’s campaign against Danone gained traction after a leaked letter called for the replacement of CEO Emmanuel Faber. The activist investor, which owns less than €20m of Danone, quickly became the public face of a shareholder frustration campaign that eventually led to Faber’s ousting. The hedge fund, founded by former Goldman Sachs bankers, vocalized concerns over poor performance at Danone, echoing sentiments of discontent among major shareholders.
In a separate move, Bluebell targeted Glencore in 2021, urging the board to remove CEO Gary Nagle and initiate the search for an external CEO. The hedge fund, which did not disclose the size of its shareholding, pressed for the separation of Glencore’s thermal coal business and the sale of its agricultural business Viterra.
Despite facing opposition during Glencore’s annual general meeting, where 99% of shareholders voted to re-elect Nagle, Bluebell’s campaign showcased its ability to influence corporate governance.
Now, Bluebell sets its sights on BP, calling BP’s clean energy strategy an “irrational strategy” that depresses shareholder value. As the hedge fund engages with BP’s leadership, it brings with it a track record of challenging companies to reevaluate their strategies in favor of shareholder interests.
BP’s response to Bluebell’s activism will be closely watched, as the energy industry grapples with the need for cleaner energy solutions amid increasing pressure from both investors and activists.
