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

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...