Friday, February 17, 2006

Relational-Sovereign Battle More Interesting Than Icahn-Time Warner Spat

While Carl Icahn’s failed assault on Time Warner grabs the headlines, we’re more intrigued by the news that hedge fund Relational Investors has jettisoned its activist battle with Philadelphia-based Sovereign Bancorp after the Pennsylvania legislature passed a law diffusing one of the hedge fund’s key legal arguments.

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