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’Hedge funds turn to gold
Hedge fund investors who made money last year by betting against investment banks are now buying gold as a way of betting against central banks. The gold bulls include David Einhorn, founder of hedge fund Greenlight Capital,
Hedge funds in grip of vicious cycle
Troubles mounted for some of the world’s biggest hedge funds on Thursday as Highland Capital Management told investors it was shutting down two of its funds and details emerged of big losses at TPG-Axon.
SIVs don’t deliver, delever
Short term funding markets might be beginning to thaw, but the markets’ biggest participants are still ailing. Between July and September the $400bn structured investment vehicle (SIV) industry was forced to sell more that $43bn of assets to meet repayments – often at firesale prices,
TPG-Axon renews criticism of ICI deal
Akzo Nobel’s plans to buy ICI, the UK paint maker, were again attacked by TPG-Axon, a US-based investor, which claims the £8.1bn agreement destroys shareholder value for the Dutch company. TPG-Axon,
Akzo takeover of ICI finalised
ICI, the former bellwether of the British economy, has agreed a deal with Akzo Nobel, the Dutch conglomerate, valuing the UK maker of Dulux paints at £8.1bn. Akzo and ICI were finalising details of the due diligence process ahead of the Monday 10am (BST) deadline set by the UK Takeover Panel.
Akzo shareholder stirs rebellion on ICI
Akzo Nobel, the Dutch chemicals company, is facing a potential shareholder rebellion over its proposed £7.8bn offer for UK rival ICI after US asset manager TPG-Axon, a key investor with 3.5 per cent of Akzo,