Macquarie/Techem: Macquarie’s audacious move

Financial investors rarely go hostile full stop. To go hostile on a German company is even rarer. That’s why Macquarie’s unsolicited E1.1bn bid for Techem, a German utility, is such an oddity. Why has the Australian infrastructure fund group done it? The answer is simple. With intense competition from other infrastructure funds - not to mention cash-rich Middle Eastern investors - industry pioneer Macquarie doesn’t want to let any potential targets slip through its fingers. Last week it won the...