Lucy Robson: "Trick or treat?" Our latest soundbite asks if listed companies should be looking over their shoulders for scary shareholder activists this Hallowe'en? Welcome back to Mergerspresso, I'm Lucy Robson.

Jack Edwards: And I'm Jack Edwards. So 2025 started with several high-profile activist campaigns, lots of predictions of more to follow, but these jump-scare campaigns haven't exactly proliferated through the year. Elliott's crusade for shakeup of management and strategy at BP has been the highest profile UK campaign by some distance. And actually recent research by Barclays shows there have been fewer activist campaigns in Europe this year – down by 22% on the four-year average.

Lucy Robson: A lot of the campaigns which have bubbled up have been pressing for more forceful M&A strategies. It has very much played into the recent push by investors for corporate breakups and investors' focus on pure-play entities.

Jack Edwards: And that's true. But I think one of the hidden themes has been existing investors turning activist. So if you look behind the headlines, there are a lot of shareholders out there who are privately pressing boards to shift strategy or change gear on M&A. And it's not just when there's a deal in hand – shareholders are not shy about pressing their strategy onto boards or lobbying for a strategic shift. 

Lucy Robson: So it's less about batting off the activists this Hallowe'en… more about keeping your current investors close. We'd love to hear where you think the activists will pop up next or if you'd like tips on getting in front of a shareholder campaign… get in touch if you'd like to chat. And catch you next time on Mergerspresso.