European Activism: Is the Old Narrative Still Relevant?

For years, the common belief has been that Europe is a tough place for activist funds. The reasons? High shareholder concentration in family and government stakes, fragmented regulations across different countries, and a cultural resistance to outside pressure. Firms like Cevian Capital, Petrus Advisers and Primestone have long grappled with these challenges, often delivering mixed results and rarely matching the transformative successes of their U.S. counterparts. But is this narrative still accurate?

Interestingly, recent years have seen a shift, with non-European activist funds thriving in European markets. Sachem Head, Oasis Management, and Trian Partners, among others, have run successful campaigns on European soil, achieving meaningful changes and often securing big returns. Their successes raise questions about the European activists’ playbook: if non-European firms can cut through the challenges and drive impact, then what’s preventing local players like Cevian from doing the same?

This shift suggests that, while Europe’s regulatory landscape and shareholder structure remain unique, they may not be as insurmountable as once thought. Non-European activists have shown that European companies are, in fact, open to external pressure under the right circumstances. Many of these firms have adapted their U.S.-style tactics—deep research, coordinated media engagement, and a willingness to push the envelope on board changes or asset sales—to the European context. Their success has led some to wonder if local European activists are lagging in sophistication, or if they’re simply too cautious in their approach.

The key question now is whether European activists can evolve. Can European activist funds capitalize on the momentum and refine their strategies? Or will it continue to be the foreign players that shape Europe’s activist landscape, leveraging tactics honed in U.S. markets?

Curious to hear from others—especially those who’ve observed recent campaigns—on whether this is a permanent shift and what it means for the future of activism in Europe.