New Diligent Market Intelligence report finds the U.K. drives two-thirds of activity in Europe as U.S. activists gain ground in the market
LONDON, November 10, 2026–(BUSINESS WIRE)–The U.K. strengthened its long-standing lead in European shareholder activism in the 12 months ending August 31, 2026, with U.K.-based companies accounting for 60 of Europe’s 95 activist targets, according to the Corporate Governance in Europe 2026 report from Diligent Market Intelligence.
While U.K. activity increased by 15% year over year, the wider European market saw a 15% decline in the number of companies facing public demands from activists. In addition, the findings point to a more transatlantic activism environment in the U.K., with international investors, particularly those from the U.S., broadening their net in search of opportunity.
“Foreign investors look at valuations in the U.K. market and often see a significant difference when they compare those with U.S. peers,” said Josh Black, Editor-in-Chief at Diligent Market Intelligence. “A warming M&A market, the U.K. regulatory landscape and the level of cultural alignment all combine to make it a popular jurisdiction for American activists.”
U.S. activists gain ground in U.K. boardrooms
Germany, France and Italy reveal distinct approaches to shareholder activism
Activists targeting Germany sharpened their focus on value and leadership: Six companies faced public demands, with healthcare and technology in the spotlight and pressure centered on operational reform, cash returns and M&A.
Activism accelerated in Italy, with eight companies attracting activist attention, up from five a year earlier. Industrials were a prime focus, alongside small-cap healthcare and technology businesses, while M&A and board representation drove campaigns under the country’s voto di lista system.
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The report also ranked Europe’s most prominent shareholder activists, highlighting the region’s mix of U.S. and domestic players. U.S.-based Saba Capital Management ranked first, driven by its focus on closing net asset value discounts at closed-end funds, followed by U.K.-based Harwood Capital. London-based Amber Capital and U.S. hedge fund Elliott Management were jointly ranked in third place, with the former targeting smaller Italian companies and the latter focusing on larger firms and share repurchases.
To download Corporate Governance in Europe 2026, which also includes analysis of shareholder activism in Germany, Italy and France, click here.
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About the report
Corporate Governance in Europe 2026 is sponsored by White & Case and Georgeson, and references data from Diligent Market Intelligence’s Activism, Voting, Compensation and Activist Shorts modules. Activism datasets featured within run from September 1, 2025 to August 31, 2026, unless otherwise stated. Further data is available on request. For more information, please email [email protected].
About Diligent Market Intelligence
Diligent Market Intelligence (DMI) is a market-leading provider of shareholder activism, investor voting, and corporate governance data. Through its web application and data feeds, clients can access the most complete solution for listed company intelligence on the market, with broader and deeper insights than ever before.
About Diligent
Diligent is the AI leader in governance, risk and compliance (GRC) solutions, helping more than 1 million users and 700,000 board members to clarify risk and elevate governance. The Diligent One Platform gives practitioners, the C-suite and the board a consolidated view of their entire GRC practice so they can more effectively manage risk, build greater resilience and make better decisions, faster. Learn more at diligent.com.
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