Compagnie Financiere Richemont surged as much as 5% on Monday after a report the activist investor Dan Loeb built a stake in the watch maker.
gained after the luxury news website Miss Tweed reported that Loeb’s Third Point is engaging with the company. The report said Third Point and another unnamed hedge fund are putting pressure on Johann Rupert, Richemont’s chairman, to make moves to boost its stock.
Richemont shares have surged 57% this year. Loeb has another European target, Royal Dutch Shell
is its sights, as he’s seeking to break up the energy conglomerate.
Broader European markets were little moved in early action.
The Stoxx Europe 600
fell 0.1% to 483.15, as U.S. stock futures
also drifted lower. Tesla
shares are expected to drag on major U.S. indexes after CEO Elon Musk planned to sell a 10% stake.
shares dropped 5% as the consumer products group guided its full-year earnings outlook to the lower end of its range, citing the “extremely tense situation” on raw materials and disruptions in global supply chains.