When a rival buys a shareholding in your company, should you be: A) fretful (of a hostile advance); B) flattered (by the recognition of your company’s potential); C) anxious (over the possibility of increased shareholder activism); D) all of the above; or E) none of the above?

I’d say for luxury brands conglomerate Richemont option E probably applies, with maybe B at a stretch. For aluminium products company Hulamin, I’d argue that option D might apply...

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