Citigroup allows hedge fund ValueAct more access [Reuters (UK)]
Citigroup, Inc. (C)
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Source: Reuters
Citigroup allows hedge fund ValueAct more access | Reuters 3 Min Read NEW YORK (Reuters) - Citigroup Inc ( C.N ) will give ValueAct Capital more access to its books and board of directors, signaling that the bank and the activist investing firm are deepening their relationship roughly a year after ValueAct first invested in Citi. The two said on Friday that they had entered into an “information sharing and engagement agreement,” which will allow for a “deeper level of engagement and cooperation.” The San Francisco-based hedge fund, one of the industry’s most closely watched so-called activist investors, unveiled a $1.2 billion stake in New York-based Citi last May, and said it liked the bank’s low risk and reliable revenue. Value Act currently owns about 1.3 percent of Citigroup’s outstanding common stock and is one of its larger shareholders. ValueAct, which differentiates itself from many more voluble activists, did not ask for a board seat at the time of its investment and said o
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