Techem Unintended consequences

Techem: Macquarie is known to be an aggressive bidder. But it looks like its tactics have backfired in the case of Techem, a German metering company. An infrastructure fund run by the Australian bank made a E55 a share offer for the company, worth E1.6bn. It failed to garner the required 70.5% shareholder approval. That leaves Macquarie, which owns 27% of the Techem, in a bind. It wasn’t supposed to work out this way. Macquarie seems to have thought that building up a large stake in the target ...