Nov 27, 2019
Elliott suffers German court blow over Kabel Deutschland
Elliott Management has suffered a significant setback after the hedge fund failed to convince a court that Vodafone should have paid more than €10.7bn to buy Germany's largest cable operator Kabel Deutschland. The Wall Street hedge fund had joined other minority shareholders in Kabel Deutschland in a legal challenge against the €84.53-a-share that Vodafone paid in 2013 to take a controlling stake in the German business. A Munich court ruled on Wednesday that the price Vodafone paid was "Adequate" given Kabel Deutschland's earnings potential based on an outlook set out by the board of the German group in November 2013. Elliott owns a 13 per cent stake in Kabel Deutschland. Kabel Deutschland has faced accusations of "Material obstruction" of a court-commissioned inquiry into the deal after its former chief executive's email account was deleted after the Vodafone takeover.
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