Jewish-American billionaire Bill Ackman announced Friday he will withdraw his business operations from Amsterdam, responding to the violent assault on Maccabi Tel Aviv fans that occurred in the city Thursday night.
Ackman, who founded and leads Pershing Square Capital Management, revealed plans to shift the trading of Pershing Square Holdings, his public investment vehicle, from the Amsterdam Stock Exchange to London's financial hub.
The hedge fund manager noted that over 90% of the company's trading volume already occurs in London. "Concentrating the listing on one exchange, and leaving a jurisdiction that fails to protect its tourists and minority populations combine both good business and moral principles," Ackman stated. "We can also save money and improve liquidity for shareholders to boot," he added, highlighting the strategic benefits of the decision.
In a parallel move, Ackman, who sits on the board of Universal Music Group (UMG), disclosed ongoing negotiations to relocate the company from Amsterdam to the US. "Pershing Square has a contractual right to cause UMG to be listed in the US. We will exercise this right and achieve a US listing for UMG no later than some time next year," he announced.
The relocation would position UMG for inclusion in the S&P 500 and other major US indices. "UMG trades at a large discount to its intrinsic value with limited liquidity… We are going to fix this. Now is a good and appropriate time to do so," Ackman emphasized.
The billionaire's strategic shifts follow attacks on Israeli soccer team Maccabi Tel Aviv supporters at multiple locations throughout Amsterdam after their match with Ajax. The Israeli fans faced violent assaults from dozens of attackers, some concealed behind masks and bearing Palestinian flags, in what security officials described as a coordinated ambush.
