M&G will vote against the "merger" / rip-off28 Nov 2025 14:17
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One of the Cityβs most influential fund managers has joined other rebel shareholders in HICL Infrastructure, the investment trust, calling on it to abandon a planned Β£5.3 billion merger with The Renewables Infrastructure Group, also known as Trig.
M&G, which has a 3.4 per cent stake in HICL, is the best known shareholder to come out against the deal, joining the wealth managers TrinityBridge and W1M and the Capital Gearing Trust, boosting the ranks of those publicly calling for a rethink to 12.7 per cent.
Managers at M&G have written to the HICL board to argue they could see βno strategic nor financial rationale for the combinationβ and damning it as βa transfer of value from HICL to Trig shareholdersβ.
A spokeswoman for M&G said: βThey have therefore stated that if the management doesnβt abandon the plan then they will vote against it.β