Activist Investing in Europe 2025, published in association with Skadden, gives an in-depth overview of the key trends and challenges UK and European corporates are facing in the year ahead.

Key findings include:

• Almost all corporates (86%) expect activism to increase over the next 12 months, including nearly half (49%) who anticipate a significant increase, up considerably from last year’s study, when just 23% projected a significant increase in shareholder activism.
• Two-fifths of activists say Italy will offer some of the best opportunities for campaigns over the next 12 months. The next most popular European markets that activists expect to be targeted are the UK (27% of first-choice votes), Germany (20%) and France (13%).
• Respondents expect the industrials & chemicals sector to see the most campaigns in Europe over the next 12 months (32% of first-choice votes). This marks a major change from last year, when industrials & chemicals was the fifth most popular answer option. In that study, technology, media & telecoms (TMT) was by far the most common response, though this year its share of votes has fallen to just 4%.
• The vast majority of respondents overall (92%) agree that activists will increasingly prioritise ESG issues in their campaign demands, including 40% who strongly agree with that statement. However, among activists specifically, only 33% strongly agree, down noticeably from the 53% who shared that sentiment in last year’s study.
• The most effective preventative measure that companies can take to mitigate the chances of activist campaigns is promoting broader shareholder engagement, which is cited by 24%, up from 14% last year. Similarly, 26% say investor engagement is the best defensive tactic that companies can adopt once a campaign goes public.
• Another key defensive tactic when facing a campaign that survey participants cite is making an acquisition/divestment. A fifth say this is the most important tactic a company could consider, a major development from last year’s study when no respondents emphasised this approach.
• Regarding the evolution of the legal framework governing activist campaigns, just over a fifth of all respondents (22%) would support mandating a prior dialogue period prior to any public campaign. Another point on which both corporates and activists broadly agree is the need to strengthen the powers of financial market authorities (20%).

The report is also available at skadden.com