TCI Fund Bails On Euronext

Jan 12 2007 | 12:18pm ET

London-based hedge fund The Children’s Investment Fund has begun slashing its stake in pan-European exchange operator Euronext as the latter moves closer to its day at the altar with the New York Stock Exchange.

According to France’s Autorité des Marchés Financiers, TCI sold €134 million ($175 million) worth of Euronext stock between Tuesday and yesterday, trimming its stake from 9.2% to 8%. According to Reuters, investors expect TCI to cut its Euronext holding even further.

TCI was a long-standing advocate of a merger between Euronext and Germany’s Deutsche Börse, and led the successful ouster of Deutsche Börse CEO Werner Seifert, who sought to buy the London Stock Exchange. But the merger between the NYSE Group and Euronext is now all but a foregone conclusion.

Last month, more than 98% of Euronext shareholders voting at a general meeting approved the tie-up, and yesterday the Euronext College of Regulators, including authorities in France, the Netherlands, Belgium, Portugal and the U.K., gave its approval. The merger still requires the approval of the Dutch government, as Euronext, which operates exchanges in Paris, Amsterdam, Brussels, Lisbon and London, is incorporated in the Netherlands.


In Depth

Hedge Fund Selection: Sussex Partners’ Patrick Ghali Bullish On The Best Of The Best

Oct 2 2014 | 5:56am ET

Ten years ago, Patrick Ghali and Robin Nydes co-founded Sussex Partners with the...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

September 2014 Cover

High frequency market making

High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.