THE fifth-largest shareholder in G4S has broken ranks and revealed its hostility to the security firm’s £5.2bn deal to buy facilities manager ISS.
Parvus Asset Management described it as “an untested vision” it could not support, just a day after it took a 3.7 per cent stake in G4S, after swapping out of contracts for difference. Parvus founder Edoardo Mercadante said: “The (ISS) deal does not make sense strategically, operationally or financially and we intend to vote against it.”
The G4S deal to buy ISS, agreed earlier this week, would create a £16bn revenue group. City A.M. has contacted what are believed to be the top five shareholders in G4S to see if they support the move but they all refused to comment or declined to return calls.