Hedge funds make of the Stock Exchange

For years the Germans had to exchange with the major shareholders TCI and Atticus mucking around. Even a Bureau Chief drove them out of the office. Now pull the two funds back – one has already sold.
The two hedge funds TCI and Atticus admit to the German stock market after years of dispute the field. The last September agreed alliance of the two major shareholders of 31 March, informed investors on Tuesday. Atticus was also known at 31 March only have a vote share of less than three percent to date. Experts suspect that TCI also has withdrawn.

To give the two aggressive investors attempt to manage jointly to influence the market operator to higher payouts to compel. The hedge funds are characterized by losses in the wake of the crisis in financial trouble.

The Deutsche Börse’s shares declined with an increase of 9.35 percent at 45.38 euros as the Dax-day winners from trade. “When Atticus and TCI now really the issue, then this is for the further course of course, promising,” said a dealer. One board member said that the leadership is now less likely to be in distress, what strategic steps as the sale of assets and change in the Supervisory Board concerned.

For years, the Frankfurt stock exchange operator with the two shareholders in the clinch – four years ago had this merger plans with the London Stock Exchange LSE thwarted and the then chief executive Werner Seifert forced to retreat. The stock exchange is sufficient since a large proportion of their profits to their shareholders. However, the financial crisis, the hedge fund difficult: Because of losses in financial shares will be parties that they have lost several billions, which they eventually driven to cooperate is likely to have.

It penetrated to the Deutsche Börse that in recent months to a dismantling of the company that bites, but its stock market supervision and management on granite. The leadership was demonstrative of the pillars of their business – cash trading, derivatives and handling – fixed.

Previously, the two hedge funds together 19.3 percent of the shares of the Frankfurt stock exchange operator kept. For months circulate on the stock but always rumors about an exit. Kepler analyst Dirk Becker pointed to some media reports that TCI and Atticus their shares on option transactions have already been sold. “This is still not confirmed, the end of the pact, however, is another strong indication,” said he.

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