Some 155 companies will be at risk of activist attacks in the next 18 months, according to the findings of global professional services firm Alvarez & Marsal's (A&M) latest analysis and predictor of shareholder activism in Europe in 2022.

Some 155 companies will be at risk of activist attacks in the next 18 months, according to the findings of global professional services firm Alvarez & Marsal's (A&M) latest analysis and predictor of shareholder activism in Europe in 2022.

That's an increase of seven compared to A&M’s last update in November 2021. 

A&M’s previous report predicted that we were entering a ‘Golden Age’ of activism – and indeed 2022 has already seen a rush of activist campaigns in Europe, with a 30% increase in January and February compared to the same period in 2021.

The horrors of war in Ukraine gave pause for thought and a temporary slowing of activism in March and April. However, the resulting market turmoil has already begun to reveal market ‘winners’ and ‘losers’, thus increasing the number of corporates predicted to be activist targets over the next 18 months.

The UK remains the most attractive market for activists in Europe, with 59 UK corporates predicted to face a public campaign by an activist investor in the next six to 18 months, an increase of four compared to November 2021.

Activism driven by environmental, social or governance (ESG) concerns increased 20% in the first two months of the year, compared to 2021. This is expected to continue, particularly in the energy sector, where predicted targets have increased 60% since the last update. The sector is also under pressure from energy security concerns.