Centaurus Capital discloses stake in Corporate Express

11 June 2007

London-based activist hedge fund Centaurus Capital has revealed it has acquired a five per cent in stake in office supplies company Corporate Express, leading analysts to speculate that the fund may agitate for change at the Dutch company.

The fund's 5.02 per cent stake in the beleaguered company was disclosed in a filing statement from Dutch market authority AFM, and has subsequently been confirmed by a spokesman from Centaurus.

Centaurus has in the past led calls for the break up of Ahold, which is currently in the process of selling its US Foodservice division for $7.1 billion.

Meanwhile, after the fund lobbied for a break up at Stork, the company has now appointed a body consisting of three board members to review the company's strategy.

The price of shares in Corporate Express are down 16 per cent this year, which has made it vulnerable to buyout bids as well as wiping off some $2.3 billion from its market capitalization.

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