We have observed the emergence of a new breed of corporate investor that has taken to the board rooms to actively monetize their investments in corporate equities. They are not content to merely stand as passive owners of corporate securities. They work with managements to create value at the underlying businesses whether it is through improved capital allocation, financial restructurings or other means.

Other investors in this category include Carl Icahn, Nelson Peltz and Christopher Hohn (The Childrens Fund). Each of these is worth a volume to describe their methods.

Readers of this article are invited to assess the performance of Cevian's holdings in Volvo and Telia Sonera.


The Swedish press has called him “the butcher,” a “corporate pirate” and “Sweden’s Gordon Gekko.” But according to Bloomberg News, Christer Gardel, the co-founder of Cevian Capital, is fine with being derided as his country’s most prominent shareholder activist.

Mr. Gardel and his 20-person hedge fund have taken on some of Sweden’s biggest companies, including telephone giant TeliaSonera, insurer Skandia and even iconic car maker Volvo. And while he has taken brickbats from no less than a former Swedish prime minister, the activist investor doesn’t shy away from being associated with his tennis partner and American counterpart, Carl C. Icahn.

http://dealbook.blogs.nytimes.com/2008/08/19/sitting-down-with-swedens-gordon-gekko/