'The upstream feeds the trading business feeds the refinery, feeds the chemicals plant, feeds the retail arm, and breaking it apart is quite tough.' 'There are few companies out there where I would imagine the divisions are as kind of interlocked and interwoven as they are at Shell,' Pyle said. However, Iain Pyle, investment director at UK-based Abrdn, one of Shell's top 10 largest shareholders according to Refinitiv Eikon data, said while breaking the company into faster- and slower-growing pieces has a certain 'spreadsheet logic' to it, he would probably not support Loeb's campaign. Loeb, in his letter on Wednesday, said Shell would benefit from a different structure that would let it cut costs and invest more aggressively in decarbonization. Shell reported third-quarter profit of $4.13 billion on Thursday, below analyst forecasts. 'If nothing else, the move by Third Point signals that Shell has not convinced the investment community that there is value in keeping all of these businesses in-house,' said Andrew Logan, senior director of oil and gas at Ceres, a nonprofit organization that works with institutional investors and companies. counterparts, who have focused less on emissions reduction and renewable investments. majors Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N), though over a longer period, Shell and other European companies have outperformed their U.S. Over the past two years, Shell shares have posted a total return of negative 16%, according to Refinitiv Eikon data. Loeb did not respond to a request for comment Thursday. Shell Chief Executive Ben van Beurden told reporters that Shell's strategy is coherent and well understood by a majority of its shareholders. 'But in terms of real solutions, I think that breaks down and our ability to integrate and bring these different pieces of the puzzle together will be how we uniquely make a difference in the energy transition.' 'If you were to split that into component pieces, I think that can sound really interesting from a financial perspective,' finance chief Jessica Uhl told reporters on Thursday. Shell, along with other European oil majors, has set targets to slowly move away from oil production while investing in non-fossil energy sources like solar and wind power.Д«illionaire Daniel Loeb, who runs Third Point, said on Wednesday that the company is being pushed in 'too many different directions,' and that it should consider separating its legacy energy production from renewables and liquefied natural gas (LNG) businesses, a notion company officials rejected. The push was the latest broadside against global oil and gas giants, who have faced calls from governments and climate-conscious investors to shift to renewable energy while still meeting current high levels of fossil fuel demand. Hedge fund Third Point, which has built a large stake in Shell, on Wednesday called for the oil major to split into multiple companies to improve its performance. LONDON, Oct 28 (Reuters) - Royal Dutch Shell (RDSa.L) hit back on Thursday against an activist fund's call for the company to break up, with top executives saying its businesses operate better together than apart. New climate target is absolute, not intensity-based.Investors question whether split would work.Activist shareholder Loeb called for break-up of Shell.

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