Paul Singer is no longer a qualified shareholder of EDP

  • ECO News
  • 20 May 2020

Paul Singer, the famous investor who controls the hedge fund Elliott Management, sold part of his shares in EDP, now controls less than 2% of the company.

Paul Elliot Singer, the man who stopped the Chinese takeover bid on EDP, is no longer a qualified shareholder in the national electric company. The hedge fund Elliott Management sold part of the 2.45% that it held in EDP, now controls just 1.91% of the Portuguese company.

This information was sent to the CMVM by EDP, in a communiqué, and may represent a turning point for the group led by António Mexia. Paul Singer’s career in the capital markets is widely known on Wall Street, marked by profitable investments on companies in difficulty, which has given him the titles of “vulture fund” and “activist investor”.

Paul Singer stepped into EDP with the purchase of 2.3% of the company in 2018, a stake valued at 260 million euros, and which was revealed to the markets in October of that year.

Despite the sale, Paul Singer still holds almost 70 million shares in the company, estimated at 69.8 million euros.