C&C targeted by activist investors Southeastern and Sawiris
A 6.7% shareholding in C&C [LON: CCR], the Ireland-headquartered drinks company, has been built up by activist investor Southeastern Asset Management and the billionaire Egyptian businessman Nassef [Nassif] Sawiris, the Irish Sunday Independent reported.
The stake has largely been acquired over the past few months by Southeastern Concentrated Value, a new fund set up by Southeastern and Sawiris as a long-term venture, the report said. The fund intends to make investments in several European businesses which it considers underperforming and will seek to influence strategy and revamp management teams, the report said, without citing a source for the information.
A Southeastern spokesperson declined to discuss the fund’s plans for C&C but said Sawiris and Southeastern always seek “constructive dialogue” in relations with managers at the companies into which they have invested, the item reported.
Southeastern and Sawiris are now together the fourth largest investor in C&C, the report said, noting that bigger stakes are owned by Franklin Templeton, Wellington Management and Fidelity Investments.
The Sawiris/Southeastern fund has so far made just one other investment, in the Switzerland-based chemicals company Sika [VTX: SIK], where it has sought to oppose a takeover attempt, the report noted.
Irish Independent on Sunday