A foreign hedge fund is reportedly planning a takeover bid for a German icon.

The unidentified fund has bought a large number of shares in Daimler, which makes Mercedes Benz cars, the magazine Focus reports. Banks have told the company that the fund is targeting a takeover, according to the magazine, citing s source on the carmaker’s supervisory board. Daimler issued a profit warning two weeks ago.
 
Daimler denied that it had received any tips about hedge fund activity.

“Banks don’t give us any such indication,” spokesman Thomas Froehlich told Dow Jones Newswires. He said that Daimler does not view itself as a takeover target.

Any takeover bid by a foreign hedge fund is likely to arouse anger and concern in Germany. London-based activist hedge fund shop The Children’s Investment Fund’s battle with Deutsche Börse ignited a fury, leading then-Vice Chancellor Franz Müntefering to dub hedge funds “locusts.” His then-boss and political rival, Chancellor Angela Merkel has led an effort to impose international regulation on hedge funds.