Macro-économie / Taux
Macro-économie / Taux
L’activisme poursuit sa trajectoire
Sur les trois premiers mois de l'année, l'activisme demeure conforme aux niveaux records de l'an dernier. Starboard Value arrache la couronne à Elliott.
fonds
Oui les hedge funds activistes ont été un peu moins actifs entre janvier et mars. Mais ils restent virulents, en ligne avec l'année record qu'ils nous ont offerte l'an dernier. Selon la banque Lazard, les fonds activistes ont mené 57 campagnes au premier trimestre, contre 71 un an auparavant. Ils ont investi 11,3 milliards de dollars. C'est le double de ce que l'activisme engageait il y a trois ans, mais moins de la moitié de ce qui a été investi de janvier à mars l'an dernier.
En 2018, la palme de l’activisme était revenue à Elliott Management, qui a mené pas moins de 24 campagnes sur cet exercice, dont le bras de fer bien connu avec Vivendi sur Telecom Italia, et tout récemment son entrée chez Pernod Ricard. Cette année c'est le fonds Starboard Value qui lui a arraché la couronne, grâce à 7 investissements, contre 4 pour Elliott. Il prend le haut du podium grâce à des stratégies efficaces notamment chez eBay et chez le fabricant de médicament Bristol-Myers Squibb. En termes de gestion d'actifs, les choses s'inversent : Elliott gère 35 milliards de dollars contre un peu plus de 5 milliards pour son concurrent.
Côté géographie, les campagnes à l'extérieur des États-Unis ont continué de représenter environ 33 % de l'activité mondiale avec une accélération marquée du déploiement des capitaux au Canada, qui représente 10 % du total mondial. Les objectifs liés aux fusions et acquisitions étaient les plus courants, représentant près de 50 % de toutes les nouvelles campagnes. Plutôt que de faire pression pour obtenir des changements au sein même de l'entreprise (M&A, scissions, etc.) le nouveau chef de file Starboard cherche à obtenir des sièges au conseil, souvent en proposant plusieurs administrateurs. Cette semaine, Cerner a annoncé qu'elle lui accordait 4 nouveaux sièges au conseil. Toujours selon Lazard, le fonds a remporté plus de sièges au conseil d'administration que tout autre militant au cours des cinq dernières années.
Vendredi, le ministre de l'Économie et des Finances, Bruno Le Maire a annoncé en marge d'une réunion des ministres des Finances de l'Union européenne à Bucarest, que le gouvernement prépare des mesures visant à éviter que les investisseurs activistes ne déstabilisent des entreprises françaises.
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