Switzerland: A Growing Focus for European Activist Investors

According to Alvarez & Marsal's latest report, Switzerland ranks high among the European markets attracting activist investors. Shareholder activism in Switzerland has increased due to corporate law reforms and past campaign successes. The country is anticipated to experience a significant rise in such activities in 2025, as it combines low valuations with evolving governance structures. Companies in the Swiss industrial and consumer sectors are particularly targeted.

In 2024, Switzerland accounted for 13% of all European activist activities, rising from 11% in 2023. Notable Swiss companies like IWG, Baloise, and Logitech were targets, joining earlier cases such as Nestlé and Glencore. Furthermore, larger activist funds have notably opted for private dialogues over public campaigns. The industrial sector remains the main focus of these activists, a trend likely to continue in 2025.

Overall, 141 European companies face heightened activism risks in the coming months, with 17 located in Switzerland. As geopolitical challenges loom, the demand for strategic changes is projected to increase, possibly leading to more public-to-private transactions and intensified activist involvement.