Chris Hohn demands that Airbus ends contract with Atos. Hedge fund manager, Christopher Hohn, has asked Airbus (AIR.PA) to withdraw from an agreement to purchase a minority position in French IT consulting firm Atos business.
On Monday, Hohn sent a public letter to the aircraft manufacturer. It states that Evidian is a “highly indebted” company.
Hence, “investing there “would undermine Airbus’ corporate ethics.”
The letter states that Hohn, who runs TCI Fund Management, owns over 3% of Airbus which is around 4 billion Euros. FT reported the letter.
However, the France-based Airbus has offered Atos’ management 29.9% of Evidian. Airbus will “perform comprehensive due diligence. It will also refine the terms of a prospective contract with Evidian,” a spokeswoman said, declining to comment on the letter’s complaints.
The indicated offer does not surpass the 30% threshold, activating the whole offer on Evidian.
There is currently no assurance that the operation wille successful,” the speaker said.
Although, if the transaction is successful, Airbus will have input on Evidian Atos’ most coveted assets. This includes the BDS cybersecurity branch and supercomputers.
Atos clients include the French government and military. And they would invest extensively in a European industrial business attempting to execute a partition plan after a management crisis, significant losses, and huge stock market changes.
Also, Hohn said that Airbus must disclose how much it would spend to pay off Atos’ debts and other commitments if the merger is completed.
In addition, Airbus fell 2% and Atos 0.3% in afternoon trade.
($1=0.9359)
Comment Template