CM – Shell jumps on report Third Point owns over $ 500 million in Shell ownership

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Investing.com – Shell (NYSE:

RDSa

) rose 3.5% on Wednesday after the Wall Street Journal reported that Third Points owns more than $ 500 million in the company and is pushing for a split.

The Journal reported, the activist hedge fund wants the company to split its business into two parts – one to do the legacy oil and gas exploration businesses and the other to focus on renewable energies that require high investments.

Oil companies like Shell, Exxon -Mobile and Chevron (NYSE:

CVX

) are facing increasing pressure from investors and green activists to reduce their reliance on fossil fuel businesses and provide a clear roadmap to achieve the same. European companies like Shell have responded faster compared to their American competitors.

With ESG now the focus of attention in most countries and corporate boards, companies that do not face difficulties, governments, regulators and activists to respond.

In a transaction announced in August, BHP (NYSE:

BHP

) is handing over all of its oil and gas facilities to Woodside (OTC:

WOPEY

) Petroleum (ASX:

WPL

) against a stake in the Australian company. The deal does not mark a clean departure from BHP to fossil fuels, but it does at least reflect pressure on such companies to take steps that reflect their commitment to the cause.

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