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Wednesday, December 8, 2021

Hedge fund bets bigger on Nortel

Date: Thursday, March 22, 2007
Author: Bert Hill, Ottawa Citizen

Nortel Networks' biggest single shareholder, Brandes Investment Partners, a hedge fund based in San Diego, California, increased its ownership to 46.8 million shares last year or 10.8 per cent of all stock.

Brandes has been the largest single shareholder in Nortel for several years and has a big stake in several other companies in the business.

Brandes, according to Nortel's recent financial filings, doubled its stake during the year from 5.4 per cent a sign it is betting that Nortel might be bought or play in a role in the sweeping industry consolidation.

The $115-billion U.S. fund also has stakes in companies such as General Motors (nine per cent), Ford (nine per cent), Alcatel-Lucent (five per cent), Xerox (five per cent), and Quebecor (13 per cent).