Third Point Urges Shell to Split After Taking Big Stake

Daniel Loeb’s Third Point LLC has taken a large stake in Royal Dutch Shell PLC and is urging the oil giant to separate into two companies to retain and attract investors as many flee stocks seen as environmentally unfriendly.

The activist is the latest to pressure a major oil company to change its strategic direction, as the firms face calls to reduce fossil fuel investments and pivot to renewable energy amid concerns about climate change. Upstart hedge fund Engine No. 1 waged a successful campaign to win seats on the board of Exxon Mobil Corp. in May.