Activist investor says Brexit offers rich pickings

Brexit is making the UK more attractive to investors by depressing valuations, according to Europe’s largest activist shareholder, flush with cash from the sector’s biggest-ever exit.

Cevian Capital, the Swedish pioneer of activism in Europe, sold its 8 per cent stake in truckmaker Volvo Group to Zhejiang Geely of China on Wednesday for €3.25bn.

Christer Gardell, Cevian’s co-founder, told the Financial Times that the fund would be looking to reinvest the €2bn in profits it made either in new targets in northern Europe or in existing holdings that include companies such as steelmaker ThyssenKrupp, engineering group ABB and UK insurer RSA.

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