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Solvay: share price advances, DME Capital strengthens further

March 20, 2024 at 07:35 am EDT

Solvay shares posted one of the biggest rises on the BEL 20 index of the Brussels stock exchange on Wednesday, as DME Capital, one of its main shareholders, increased its stake in the group.

In a financial notice published this morning, the American investment fund stated that it had exceeded the threshold of 5% of the Belgian chemical group's voting rights.

The family fund, controlled by businessman David Einhorn, says it now holds over 5.51 million shares, or 5.2% of voting rights, following a new acquisition of shares.

In theory, this makes it Solvay's second-largest shareholder, behind the Solvac holding company, which holds 30.8% of the capital.

In February, funds affiliated to DME had already strengthened their positions to over 3.1% of the chemical group's capital.

David Einhorn is a well-known hedge fund manager and founder of Greenlight Capital, who distinguished himself in 2008 by taking sell positions on Lehman Brothers before its resounding bankruptcy.

At around 12:30 pm, Solvay shares were up around 1.3%.

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Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
SOLVAY SA	30.18 EUR	+1.45%	-1.85%	3.38B
SOLVAC S.A.	104 EUR	+0.97%	-0.95%	2.37B
BEL-20	3,875 PTS	+0.44%	+1.26%	-

David Einhorn

In 1981, David Einhorm is graduated from Cornell University (New York) where he passed with distinction in all subjects. He is the CEO of Greenlight Capital, a hedge fund which he created in 1996 with a million dollar. In 2008, his fortune was estimated about six billion dollars.

Principally short-seller, the fund’s strategy is lucrative, its profitability was around 26% a year since 1996.

The name of David Einhorm is closely related with the short sale. Even if he appears as a long-term investor, David Einhorm is adulated for his hit-and-run offensives and his bear speculations. Best examples are Allied Capital and Lehman Brothers.

In 2002, during a conference fir a charitable institution, organized by Tomorrows Children’s Fund, David Einhorm presents Allied Capital as an opportunity to sell. While a significant number of indications tend to prove this declaration, Allied Capital blows off steam against David Einhorm. During the struggle, David Einhorm is subjected to underhand tricks (SEC investigation on David Einhorm and his wife’s dismissal at Barron’s, stolen phone records…). David Einhorm wrote a book about this affair: “Fooling some of the people all the time”.

In 2007, he spots before anyone else the pitiful situation of the company Lehman Brothers and while others hedge funds do not say anything, he speaks into microphones.

In May 2008, during another charity event, David Einhorm launches a diatribe against the investment bank accused of hiding the truth about its accounts. A few days later, the equity drops and David Einhorm wins $ 1 billion.

When his detractors accuse him of precipitating the death of his prey, he affirms being an activist for financial transparency.

David Einhorm is also the CEO of Greenlight Capital RE Ltd, based in the Cayman Islands, specializing in reinsurance. He is one of the principal shareholders of the company.

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Linked companies
Greenlight Capital, Inc. Greenlight Capital, Inc. Investment ManagersFinance Greenlight Capital, Inc. is an independent, SEC-registered investment advisor and hedge fund manager headquartered in New York City. The firm was founded by David Einhorn in 1996. Greenlight Capital provides investment advisory services to the Greenlight “Capital Funds”.	Chief Executive Officer
GREEN BRICK PARTNERS, INC.	Founder