Thomas Sandell, US based Swedish financier and founder of Sandell Asset Management and $4.17 billion hedge fund Castlerigg, has been involved in several U.S. corporate tussles, as in the battle for influence at ketchup maker H.J. Heinz Co. Together with billionaire activist investor Nelson Peltz, the hedge fund has 5.5 percent in Heinz. Peltz is trying to get on the board of Heinz as he aims to boost sales and cut costs.
Bid speculation has surrounded Volvo in recent years due to its strong balance sheet and the expectation that main shareholder Renault, might want to sell its 20 percent stake. If there was no bid, Sandell wanted to put pressure on Volvo’s management and board to increase handouts to shareholders.
Sandell Asset Management also owns 5 percent in U.S. group Houston Exploration Corp and has urged the company to auction itself off. It has also taken a 9.62 percent stake in energy company Southern Union Co. and has called on the company to take steps to raise its stock price.
Alex Akesson
Contributing Writer
HedgeCo.Net
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