 |
Gasthalter & Co. is working with Engine No. 1 LLC, as the newly formed investment firm has launched a proxy fight at ExxonMobil to pressure it to “implement a strategic plan for sustainable value creation.”
Once the country’s most valuable company, stock of the Irving, TX-based company has crashed with the plummeting demand for fossil fuels and its lack of investment in the alternate energy sector.
The Dow Jones Industrial Average embarrassed ExxonMobil in August when it eliminated its stock from the index after a 100-year run and replaced it with Salesforce.
In its Dec. 7 note to ExxonMobil CEO Darren Woods, the investment firm says that company shareholders suffered a 20 percent drop in total returns over the past decade as the S&P 500 posted a 277 percent gain.
“It is clear, however, that the industry and the world it operates in are changing and that ExxonMobil must change as well,” said Engine No. 1.
Engine No. 1 wants to refresh Exxon’s 10-member board via the election of four independent directors.
The San Francisco-based says that if ExxonMobil wants “to avoid the fate of other once-iconic American companies, it must better position itself for long-term, sustainable value creation."
Gasthalter & Co.’s Jonathan Gasthalter and Amanda Klein represent Engine No. 1.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
Kekst CNC represents Grant Thornton as it sells a majority stake in its US arm to New Mountain Capital, which relies on Goldin Solutions, in what is billed as the largest PE investment in the accounting and advisory sector.
Have a comment? Send it to 
No comments have been submitted for this story yet.