Europe's corporate raiders are crushed

Like a nuclear warhead, a bear market is a dumb, indiscriminate weapon: it destroys the good along with the bad. Some poorer companies will be squeezed out as the market slumps and so will some foolish chief executives. But good companies and clever businessmen will suffer too ' including Europe's two leading corporate raiders.

Martin Ebner, the reclusive Swiss billionaire, and Germany's Karl Ehlerding loved to trade stocks. They took big positions in companies, made big bets on their own judgmen

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