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19 Feb 2008

Centaurus Capital Raises Stake In UK Waste Management

Centaurus Capital Ltd. announced an increase in their stake in Biffa PLC to 4.23%. The London-based hedge fund bought about 1.15 million shares in two tranches, lifting its stake to about 14 million shares, or 3.758%.

UK waste management and recyling business, Biffa, recently agreed to a takeover offer by WasteAcquisitionco, a consortium of various entities within the Montagu Funds, the Global Infrastructure Partners Funds and UCIL at 350 pence per share, valuing Biffa at about £1.23 billion ($2.4 billion).

Centaurus Capital is a private investment management company with an emphasis on Europe. Centaurus was launched in year 2000 and originated from an investment team working together at BNP Paribas since 1993.

In 2005, the Centaurus Alpha Fund was awarded the Hedge Funds Review European Performance Award in the category of Event Driven Fund.

Other hedge funds such as Cheyne Capital Management (UK) LLP and Davidson Kempner European Partners LLP, an affiliate of New York-based Davidson Kempner Capital Management LLC, have emerged as investors in Biffa in the hope of a bidding war.

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