After more than a year of chewing on the evidence and letting the charges marinate in their minds, the people who make such decisions at France’s Autorité des Marchés Financiers have decided, oui, Elliott Associates did something wrong when buying and then selling shares of a French highway. But not that wrong, judging by the penalty imposed.
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….
French newspaper Les Echos had previously said that Elliott Advisors UK would face a fine of 12.5 million euros, and Elliott Management Corp 27.5 million should the AMF's adjudicators agree to impose the penalties proposed by an internal committee.