Some of the biggest campaigns of 2018 included Third Point’s proxy fight with Campbell Soup, Pershing Square and Third Point’s efforts to drive United Technologies to split into three separate businesses, and Elliott’s nascent campaign to push Pernod Ricard to improve its profit margins. “Activism levels continue to increase, driven by attempts to force sales to financial sponsors as well as an uptick in European campaigns,” said Bill Anderson, global head of Evercore’s activism and raid defence business. “Over 20 per cent of the S&P 500 have a leading activist in their stock, so 2019 should be another year of heightened activist pressure.”

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