The underside of the Bluebell Foundation’s offensive on Saint-Gobain

After sowing discord at Danone a year ago with the scalp of CEO Emmanuel Faber, Bluebell is attacking another CAC 40 bastion. FinancialTimesOn May 11, the London Activists’ Fund targeted the French building materials giant Saint-Gobain. Since December, Bluebell, which owns less than 0.5% of the successor to the Manufacture royale des glaces group, has been exchanging letters with Saint-Gobain management. More specifically, the fund, which manages assets of about 250 million euros, asks the French company to divide its activities into two parts, on the one hand, the most profitable activities of building materials, and on the other – a different distribution. “The two companies have nothing in common,” said a source close to Bluebell. Saint-Gobain should focus on production and materials to increase its rating, which remains very low compared to competitors.

At the headquarters of a French group accustomed to trembling with aggressive means, following Wendel’s failed raid in 2007, the calm of the old troops is fueled by a reminder that “the strategy (of the company) has led to record results for the 2021 fiscal year.” And not for nothing, as the price in the stock market jumped by 65% ​​last year, in the Top 5 CAC 40, the markets look at Saint-Gobain and welcome the internal reorganization carried out from 2019 to 2021. prospects for energy renewal plans that thrive in Europe, the United States and Asia. The tricolor giant (turnover of 44 billion euros), which in recent months has unloaded assets worth 5 billion euros, including Lapeyre, and started a bulimia of acquisitions, also underscores the fact that it has committed to restructure its portfolio towards the most profitable activities.