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Corporate raider takes stake in JarvisÉ
00:00 21 Jun 2000
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Exclusive by Carol Millett
The legendary Swiss corporate stalker Dr Tito Tettamanti has declared an interest in Jarvis this week following the purchase of a 3.52% stake in the company by Sterling Investment Group.
This brings SIG's parent group Swiss-based Zurich Financial Services' total holding in Jarvis to 7.19%. SIG's purchase came just one day after Jarvis reported on its interim results and just one month after Zurich Financial Services bought a stake of 3.67% in Jarvis.
Dr Tettamanti, who has an indirect controlling interest in Sterling Investment Group, built his reputation as a well-known corporate stalker during the 80s and 90s through his involvement in a number of Swiss corporate battles.
More recently, he has been involved in four corporate deals in the property sector.
A city analyst commented: "Tettamanti's style is to buy into a company and then force the company to sell up, split up or restructure. His entry usually precipitates some other interested party coming in."
Another city source said: "Shrewd Swiss investment managers are alighting on Jarvis. Tettamanti is an opportunist who is coming in to buy a taster in the hope or in the knowledge that heavier duty people will come in behind him."
Jarvis' results were received with some scepticism in the City this week (see page 11). One city commentator said: "There are always surprises at Jarvis' results meetings. This year it was the announcement that they had changed their accounting procedures."
Jarvis said it was generally pleased with the way the results were received. Jarvis' former financial director Henry Lafferty, who is now in charge of the company's private finance initiative work, told Contract Journal that he had never heard of Dr Tito Tettamanti but added: "SIG is a value investment fund and has a large number of investments. It recognises Jarvis as an undervalued stock. We welcome its interest."
But a city source said: "It's amazing, the wolves are baying at Jarvis' door but they can't hear it."
The legendary Swiss corporate stalker Dr Tito Tettamanti has declared an interest in Jarvis this week following the purchase of a 3.52% stake in the company by Sterling Investment Group.
This brings SIG's parent group Swiss-based Zurich Financial Services' total holding in Jarvis to 7.19%. SIG's purchase came just one day after Jarvis reported on its interim results and just one month after Zurich Financial Services bought a stake of 3.67% in Jarvis.
Dr Tettamanti, who has an indirect controlling interest in Sterling Investment Group, built his reputation as a well-known corporate stalker during the 80s and 90s through his involvement in a number of Swiss corporate battles.
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More recently, he has been involved in four corporate deals in the property sector.
A city analyst commented: "Tettamanti's style is to buy into a company and then force the company to sell up, split up or restructure. His entry usually precipitates some other interested party coming in."
Another city source said: "Shrewd Swiss investment managers are alighting on Jarvis. Tettamanti is an opportunist who is coming in to buy a taster in the hope or in the knowledge that heavier duty people will come in behind him."
Jarvis' results were received with some scepticism in the City this week (see page 11). One city commentator said: "There are always surprises at Jarvis' results meetings. This year it was the announcement that they had changed their accounting procedures."
Jarvis said it was generally pleased with the way the results were received. Jarvis' former financial director Henry Lafferty, who is now in charge of the company's private finance initiative work, told Contract Journal that he had never heard of Dr Tito Tettamanti but added: "SIG is a value investment fund and has a large number of investments. It recognises Jarvis as an undervalued stock. We welcome its interest."
But a city source said: "It's amazing, the wolves are baying at Jarvis' door but they can't hear it."
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