American hedge fund Elliott has quietly sold down its stake in British aerospace supplier Meggitt after struggling to engineer a bid for the £3.3bn company.
The US activist investor revealed in August it had built a 5.2pc holding in the aircraft supplier through contracts-for-difference (CfDs), becoming its fifth-biggest investor and sparking speculation it would try to find a buyer for the FTSE 250 business.
However, the Sunday Telegraph can disclose that Elliott cut its stake to less than 5pc just before Christmas and it is unknown whether the hedge fund still holds any CfDs in Meggitt.
It is understood the activist firm sold down its investment after failing to find a bidder for the engineering company.
The hedge fund, which was founded by billionaire Paul Singer, is believed to have approached French aerospace firm Safran and American rivals Honeywell and United Technologies to…
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