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Activist fund Elliott faces heavy fine

2020-02-07T16:52:39.443Z


Friday, the AMF requested a penalty of 20 million euros against him.


The American activist fund Elliott risks a new heavy fine in France. The college of the Financial Markets Authority (AMF) Friday demanded a penalty of 20 million euros against him. The investment fund, which is one of the most powerful and aggressive in the world, is accused of having concealed its intentions on the market during its rise in the capital of Norbert Dentressangle in 2015. If this amount is confirmed, this will be the third time that the stock market policeman has imposed such a high fine, Natixis AM and Morgan Stanley having also received a penalty of 20 million euros.

Read also: The AMF ready to oversee shareholder activism

The business dates back to April 2015. The American group XPO Logistics acquires the number two French transport company, Norbert Dentressangle. After taking over the 67% of the capital held by the family of the founder, the American wants to withdraw from the stock the French flagship. To achieve this, it must collect 95% of the capital of its subsidiary. He therefore launched a takeover bid for the 33% capital

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Source: lefigaro

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