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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.
Prosek Partners handles New York’s Tilray Brands, craft beer & cannabis operation, as it acquires BrewDog, a leading British independent beer producer in the UK, for $45M.
Brunswick Group handles Zurich Insurance as it agrees to buy UK-based Beazley specialty insurer in a deal valued at $11B.
FGS Global represents Brink’s as it agrees to acquire NCR Atleos, which relies on Collected Strategies, in a $6.6B cash & stock deal to create a leading fintech infrastructure company. (Updated)
A January article in O’Dwyer’s proposes that in 2026, the strongest financial brands will not simply tell compelling stories—they will “signal readiness.”
C Street Advisory Group is working the Chapter 11 filing of Axip Energy Services as it unloads its nearly all of its assets to deal with a heavy debt load.
