A force for change



The Children's Investment Fund (TCI), a London-based hedge fund, made headlines earlier this year when it led a successful campaign to block Deutsche Börse's takeover of the London Stock Exchange (LSE). The failure led to the ousting of Werner Seifert, Deutsche Börse's chief executive, as well as the resignation of chairman Rolf Breuer.

It illustrates the pivotal role hedge funds now play in mergers and acquisitions. TCI held a small stake in Deutsche Börse when the takeover bid was announced in

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