French stockmarket regulator fines Elliott hedge funds over APRR

Reuters – French stock market regulator AMF said on Monday its sanctions committee has decided to fine U.S. hedge fund Elliott Management and its UK arm Elliott Advisors 8 million euros ($11 million) each over insider trading relating to French motorways operator APRR.

The AMF accused the UK arm of Elliott of using privileged information to deal in APRR shares whilst negotiating to sell its stake in the company to Eiffarie, a joint venture between French construction company Eiffage and Macquarie Atlas Roads which now owns all of APRR.

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