After 157 years producing printing machinery, crunch time appears to have arrived at the world’s largest printing specialist Heidelberger Druckmaschinen.
In a short statement the German firm said on Tuesday that Centaurus, the activist hedge fund, had built a 5.1 per cent stake.
Whether this triggers Locust-esque outrage amongst German unions remains to be seen (Heidelberger employs around 19,000 worldwide). But then the press machinery specialist has been in the alt-investment frame for a number of weeks now: at the beginning of June shares in Heidelberger suddenly spiked 8 per cent on rumours of private equity interest.
At the time chief executive Bernhard Schreier said the firm had not received any approach, but following disappointing profits a few days later his chief financial officer, Dirk Kaliebe, was quoted by Reuters as saying: “Whatever is in the interest of the company we would support. If somebody would bring good ideas to the company, we would look at it and then judge it as every board would have to do.”
Centaurus is best known, of course, for its Dutch attacks, having helped focus the need for change on management at Stock, Ahold and also ABN Amro.