Hedge fund slashes stake in steel maker.New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" , Paulson & Co. has decreased its holdings in Algoma Steel ''See also Algoma (Disambiguation) Algoma Steel Corporation (TSX: AGA) was founded in 1902 by Francis Clergue, an American entrepreneur who had settled in Sault Ste. Marie, Ontario. . In regulatory filings disclosed March 31, the New York-based hedge fund is reducing its interest in the Sault Ste. Marie Sault Sainte Marie — pronounced "Soo Saint Marie" (IPA /su seɪnt məˈɹi/) — is the name of two cities on the Saint Marys River, which forms part of the boundary between the United States and Canada. steelmaker from 19 per cent to five per cent. In November, Paulson requested a special shareholder meeting to demand Algoma make a $400-million payout to shareholders and replace a majority of the company's directors. This spring, Algoma announced it was making a $200-million payout to shareholders and agreed to place two shareholders agreeable to Paulson on the board of directors. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion