City & Corporate: Elliot calls for Woolworths sale

The Maitland Consultancy is fronting efforts by US hedge fund Elliot Associates to rally investors for a possible sale of Woolworths.

Maitland, which has been retained by Elliot for the past six months, began work on the project last week after VC fund Apax Partners withdrew its proposed £846m bid for Woolworths.

In an open letter to Woolworths CEO Trevor Bish-Jones and circulated to the press, Elliot, which reportedly has a six per cent stake in Woolworths, called for the break-up of the firm in a bid to recoup the losses it has made on speculation in Woolworths' shares during the bid period.

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