Veteran hedge fund manager and activist investor Jeff Ubben, the founder of Inclusive Capital Partners, is calling on Corbion NV to launch a strategic review and consider breaking up its business, according to a report by Bloomberg.
Ubben believes that a separation could unlock shareholder value following years of underperformance.
The letter cites Ubben as urging the Dutch ingredients manufacturer in a letter dated 20 April to engage external advisers and explore alternatives for its portfolio — particularly a split between its health and nutrition arm and its lower-margin functional ingredients division.
Ubben, whose San Francisco-based firm holds a nearly 10% stake in Corbion, believes the company’s long-term share price malaise warrants bold action. “The goal should be to secure a better owner for both businesses,” he wrote, calling the current structure a constraint on Corbion’s full potential.
Corbion shares have declined over 60% since their June 2021 peak and are down roughly 20% this year alone. Following news of Ubben’s letter, the stock reversed earlier losses to close up 1.3% in European trading.
The activist campaign comes as Corbion’s five-year strategic plan, “Advance 2025,” nears its conclusion. A company spokesperson confirmed that a review is already underway, with an update expected in the second half of the year.
Ubben’s latest move comes during the wind-down of Inclusive Capital, a sustainability-focused investment firm he launched in 2020 after two decades at the helm of ValueAct Capital. Inclusive had around $2.6bn in assets, including leverage, as of 2022, but has since returned capital to investors and now manages roughly $500m across just three holdings, including Corbion.
Despite Corbion’s recent efforts — such as selling its emulsifier business and boosting free cash flow — Ubben maintains that management’s incremental approach has failed to close the valuation gap. In his view, structural changes are required to attract new investor interest.
Ubben also expressed frustration with the Dutch corporate governance framework, which he says has hindered efforts to secure a board seat for Inclusive. The country’s code discourages equity-based board compensation — a model Ubben believes incentivises necessary risk-taking for smaller firms.
“To compete for new shareholders requires more than ever a sense of urgency, a willingness to challenge the status quo and to take risks,” Ubben wrote. “It is more likely to be a shareholder-director that would disrupt the boardroom in this way.”
