(Alliance News) - In 2023, activist funds stepped up their global presence, with a record 255 campaigns, 8 percent of which were in Italy, up from an average of 5 percent from 2019-2023.
As Milano Finanza writes, companies such as Rai Way, Enel, Leonardo, TIM, and IEG have been in the spotlight, often over issues of governance, operational efficiency, and transparency.
The U.S. leads the market with 132 campaigns while Europe, while declining with 62 campaigns, remains attractive due to political, economic factors and a growing focus on ESG issues. UK, France and Germany are the most active countries, with big caps among the top targets.
In Italy, campaigns have focused on takeover bids, challenging proposed prices, with 26 deals worth EUR3.2 billion. The case of Rai Way stands out, where the Clearway Capital fund promoted a merger with Ei Towers, now well underway.
Italy could emerge further through new economic challenges and activism opportunities related to transparency, governance and operational synergies. However, it is unlikely to outperform markets such as the UK or France, where the presence of larger companies is more pronounced.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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