Times of India- On the face of it, the battle for control of the much-talked-about Orient Express Hotels is inching towards a nail-biting climax. The Bermuda-based luxury hotel chain has come under the scanner of three hedge funds, all of which are prominent players on Wall Street. The Indian Hotels Company owners of the Taj group, currently owns 11.5% stake in OEH.
Last week, Steven Cohen, founder and manager of SAC Capital Partners, raised his holding to more than 5%. Cohen, whom the media has called ‘the King of Wall Street’, is one of the savviest players in the business and with a personal net worth in the region of $7 billion, is also one of the richest Americans as estimated by Fortune magazine. Before Cohen made his moves, BlackRock Advisors, one of the largest hedge funds in the world, picked up a 5.2% stake in the chain. Even as this was happening, D E Shaw & Co bought 5.7% in OEH.
"The buzz here is that Tata group might soon look into consolidating their 11.5% holding into a majority one and any such move would give the hedge funds a handsome return if they decide to tender their shares in favour of the Indian group," a news agency said quoting New York bankers.
