Chris Hohn Demands Airbus Drop Atos Deal

Hedge fund manager Chris Hohn, who runs the London-based TCI Fund Management, has written a letter to Airbus CEO Guillaume Faury, calling for Airbus to drop its proposed deal to acquire a minority stake of 29.9% in Atos’s cybersecurity unit, Evidian.

In the letter, Hohn argues that the deal would undervalue Evidian and that Atos should explore other strategic options for the unit, including a possible spinoff or a sale to a different buyer.

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“This suggests there is some political motivation for Airbus to complete the transaction. Management and the board have a fiduciary duty to act in the best interests of Airbus and its shareholders,” the letter added, noting that TCI reserved its rights to litigate for damages if the deal went ahead and evidence emerged that it was in part politically motivated.

In response to Hohn’s letter, Atos has defended its deal with Airbus, stating that it believes the agreement is in the best interest of both companies and their stakeholders. The company has noted that the proposed transaction is subject to regulatory approval and expects to receive additional offers for Evidian from other potential buyers.