Citywire Selector reports the launch of CIAM’s Satellite Event-Driven Ucits fund with capital of €242m to date, noting that the strategy will focus on a diversified events-driven approach, with a portfolio divided between merger arbitrage and special situations and a strong bias towards European equities.Read More
Investment Europe reports that CIAM has launched a Satellite Event-Driven Ucits fund in July, with €242m of commitments to date, to invest in companies listed mainly in Western European and US equity markets, with a diversified events-driven approach, focused on mergers and acquisitions, spin-offs, tender offers, shareholder buybacks, debt exchanges, securities issuance or other capital structure adjustments and regulatory changes.Read More
Tandis que l’engagement actionnarial entre dans les mœurs, gérants d’actifs et gérants activistes en ont-ils une même vision ? Comgest et Anne-Sophie d’ANDLAU de Ciam partagent leurs vues concernant la gestion activiste pour L’Agefi.
As shareholder engagement is starting to become common practice, do asset managers and activist managers share the same vision? L’Agefi interviewed Anne-Sophie d’Andlau of CIAM and Comgest to hear their views.
Reuters reports that, following Ahold Delhaize’s decision to give shareholders more rights if a poison pill is ever activated, CIAM has dropped its request for an extraordinary shareholders’ meeting to vote on the mechanism as well as its warning that it would seek legal action if its demand were ignored by the company.Read More
Tandis que l’on vante souvent les entreprises familiales et leur vision sur le long terme, contrairement à la Bourse et aux actionnaires financiers obsédés par un rapide retour sur investissement, un nouvel épisode sur la place parisienne vient de remettre ces a prioris en question.
While family businesses and their long-term approaches are often touted in contrast to the short-term approach often taken by the stock market and financial shareholders, the Parisian market has just experienced a new period where the roles are not as well defined.
At its AGM, Dutch-Belgian supermarket group Ahold Delhaize said that a defence mechanism could be extended indefinitely and without investor approval, rejecting calls from CIAM and others for a shareholder vote on whether to retain a “poison pill” defence option. Reuters reports that CIAM and other shareholders in opposition of this could ask a judge at Amsterdam’s Enterprise Chamber to call an EGM to vote on the matter.Read More
CIAM critique la gouvernance d'Alès Groupe, le spécialiste en produits cosmétiques et capillaires. Les Echos rapporte que le hedge fund français a réclamé lors de l'assemblée générale de juin la nomination d'un nouveau membre du conseil de surveillance.
Les Echos reports that CIAM has criticised the governance of Alès Groupe, the cosmetics and hair product specialist, and that CIAM requested the appointment of a new member of the supervisory board at the company’s AGM in June.Read More
WanSquare rapporte que CIAM reproche au conseil de surveillance d'Alès Groupe d'être composé de membres familiaux ayant peu d'intérêt et de temps pour s'occuper sérieusement de l'entreprise de produits cosmétiques.
WanSquare reports that CIAM criticizes Alès Groupe’s supervisory board for being composed of family members with little interest and no time to properly manage the cosmetics company.Read More
L’Agefi rapporte qu’à l’aube de l’Assemblée Générale d’Ahold Delhaize, l’activiste CIAM, l’association néerlandaise d’actionnaires individuels VEB et le gestionnaire Bernstein ont demandé que l’éventuelle reconduction de la pilule empoisonnée soit soumise au vote lors de l’AG du groupe belgo-néerlandais de grande distribution.
L’Agefi reports that, ahead of Ahold Delhaize’s AGM, the activist CIAM, the Dutch association of individual shareholders VEB and the manager Bernstein have asked that the possible renewal of the poison pill be put to a shareholder vote.Read More
The association for Dutch retail investors (VEB) joins CIAM in demanding that Dutch-Belgian supermarket operator Ahold Delhaize submits any decision about renewing its poison pill structure to shareholders’ vote. Reuters also reports that CIAM wrote in a letter to management that the poison pill structure depresses shareholder value in Ahold.Read More
DutchNews reports that CIAM has criticised Ahold Delhaize’s plans to renew a governance structure which acts as a poison pill to potential buyers and which it believes keeps its share price depressed. It quotes Anne-Sophie d’Andlau saying that “anything that looks like a poison pill is a problem of governance”.
Les activistes tirent profit de la reprise du M&A et de la sous-valorisation boursière des grands groupes en Europe. Les activistes « constructifs » se posent en chevaliers blancs. CIAM offre son point de vue sur le marché français.
Les Echos reports that activists are taking advantage of the recovery of M&A and the under-valuation of large groups in Europe. "Constructive" activists are welcome for companies in this environment. CIAM offers its point of view on the French market.Read More
Bloomberg reports on the annual SOHN London conference, assessing how hedge fund managers’ tips from last year have fared. CIAM’s bullish forecast on Euro Disney is cited as the best performing long call after shares soared following Walt Disney’s improved bid to acquire the company in February.Read More