Bill Ackman, a prominent hedge fund manager and CEO of Pershing Square Capital Management, is pushing for Pershing Square Holdings and Universal Music Group (UMG) to exit the Euronext Amsterdam exchange.
This decision, he explains, is partly in response to recent violent incidents involving Israeli soccer fans in Amsterdam, highlighting concerns about local authorities’ handling of tourist and minority safety.
Ackman announced his intentions via social media, noting that he would seek board approval for Pershing Square's move to the London Stock Exchange (LSE).
There was a recent clash in Amsterdam following a Europa League game between Israel’s Maccabi Tel Aviv and the Dutch Ajax team, where numerous fans were injured, prompting criticism over public safety measures.
Ackman added that shifting Pershing Square to the LSE aligns with both financial efficiency and ethical principles, as its trading activity is already focused on London.
Regarding Universal Music, Ackman, a UMG board member, cited the trading discount faced by UMG shares on Euronext Amsterdam due to its exclusion from major U.S. indexes like the S&P 500.
He announced plans to pursue a U.S. listing for UMG, aiming for a listing by next year. However, UMG countered his statement, with a spokesperson clarifying that Pershing Square cannot unilaterally force UMG to relocate or delist from Amsterdam. Any decision will focus on shareholder interests and maximising value.
Source:
CNN
