TCI Dumps Deutsche Börse Stake

Apr 3 2009 | 1:01am ET

The long-running battle between The Children’s Investment Fund and Deutsche Börse appears to be over.

The London-based activist hedge fund has slashed its stake in the German stock exchange operator to just 0.96%, down from more than 10%. TCI’s move follows a similar sell-off by its former partner against Deutsche Börse, Atticus Capital, which cut its stake to less than 3% earlier this week.

The two hedge funds announced on Monday that they were ending their “acting in concert” agreement on matters concerning Deutsche Börse. The two joined forces in September, after the Deutsche Börse’s shares lost more than half of their value. The pair, which collectively owned 19.3% of Deutsche Börse, threatened to seek “to change some members of the supervisory board in order to ensure leadership and urgency regarding any appropriate options.”

It was no idle threat: Atticus backed TCI’s succesful 2005 effort to derail Deutsche Börse’s proposed acquisition of the London Stock Exchange and to force out the firm’s then-CEO, Werner Seifert.


In Depth

Q&A: Quad Advisors’ Borish Is Looking For Real Traders, Not Index Huggers

Aug 20 2014 | 1:43pm ET

Peter Borish, who served as founding partner and director of research at Tudor Investment...

Lifestyle

Viking Manager In Rent Dispute

Aug 11 2014 | 4:14am ET

A hedge fund manager is demanding most of his money back from his former landlord...

Guest Contributor

Majority Of Inflows Go To Brand Name Hedge Funds

Aug 12 2014 | 9:00am ET

Since the market correction of 2008, a vast majority of hedge fund net asset flows...

 

Editor's Note

 

Futures Magazine

PREVIEW July/August 2014 Cover

Inside Futures' 500th Issue

The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.

The Alpha Pages

TAP July/August 2014 Cover

Real talk on alternative investments, business & finance

The Alpha Pages Editor's Note