Value Investing with Legends cover image

Value Investing with Legends

Anne-Sophie d'Andlau - Driving Change By Engaging With Impact

Apr 9, 2021
Anne-Sophie d'Andlau, co-founder of an activist investment firm, discusses engaging management for better performance and governance. They talk about the dynamic area of activism, Europe's suitability for activist investors, successful campaigns like Euro-Dissness, the importance of engaging with management teams, players in activism, risk and liquidity management, challenges faced by activism in Europe, and the potential impact of ESG on activism.
49:23

Podcast summary created with Snipd AI

Quick takeaways

  • Activism can drive positive change and value creation by challenging the status quo and unlocking undervalued assets.
  • CM aims to increase acceptance of activism as engagement with impact, highlighting its ability to expedite necessary changes and address environmental and social issues.

Deep dives

Eurodisney: A Textbook Example of Activism

Eurodisney, the European subsidiary of World Disney, had been struggling to turn a profit since its IPO. The parent company was charging heavy royalties and fees to Eurodisney, leading to restructurings and capital increases. When the minority shareholders were offered a valuing price that underestimated certain assets, CM got interested in the situation. Through extensive research and expert analysis, CM discovered that Eurodisney owned land rights that were undervalued. They convinced other shareholders not to accept the offer, leading the company to remain listed. CM launched a public campaign, highlighting the excessive fees charged by the parent company and engaged in legal battles. As a result, the parent company increased its offer and CM had to tender its shares. The Eurodisney case exemplifies CM's commitment to activism and highlights their dedication to unlocking value for shareholders.

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode