Centaurus Capital aims its sights on Demag
|February 23rd, 2011||
|Last October, Konecranes (KCR1V), the largest industrial crane maker, displayed interest in merging with Demag Cranes (D9C), the industry’s second-largest player. According to the Financial Times, the possibility of a merger pushed Demag's share price up. However, Demag surprised shareholders by refuting the offer. |
In response, Centaurus Capital, a UK-based shareholder activist hedge fund firm that owns more than 5% of Demag, has demanded that the company establish a committee to evaluate the possible merger.
Several months ago, Centaurus Capital, which focuses its activist investments in Europe, was an influential backer of Spain-based Actividades de Construccion y Servicios SA (ACS)’s takeover of Hochtief several months ago. Centaurus Capital was founded in 2000 and is led by its Chairman Bernard Oppetit and Chief Investment Officer Randel Howard Freeman.
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