Activist investor Petrus bought Raiffeisen shares on the dip following a short-seller attack
Raiffeisen shares plummeted 6% on September 17
Grizzly Research accused Raiffeisen Bank International of violating sanctions against Russia / Photo: Savvapanf Photo / Shutterstock.com
The British investment firm Petrus Advisers did not believe the allegations of violations of anti-Russian sanctions—which short-seller Grizzly Research had leveled against the Austrian Raiffeisen Bank International—were serious. Petrus bought the bank’s shares during the sell-off and expects the decline to be temporary.
Details
“We were not impressed by Grizzly’s attack,” reads a statement from Petrus released after the short seller’s investigation was published. “At first glance, the report appears to be lacking in facts, poorly researched, and insubstantial, and reveals only one intention—to cause harm through accusations.”
Petrus added that she bought Raiffeisen shares following accusations from short sellers and “continues to fully support” the company.
On Friday, Raiffeisen shares rose as much as 2.7% on the Vienna Stock Exchange but closed up 1%.
What Happened
Raiffeisen Bank’s stock plummeted 6% during trading on September 17 after U.S. activist short-seller Grizzly Research announced it had opened a short position against the bank, calling it “a key conduit for circumventing sanctions in Russia’s wartime economy.” The report alleged that the bank is involved in trading Russian goods subject to import and export restrictions.
The bank rejected the allegations and said it is considering taking legal action against the authors of the report. “In addition to numerous misleading and biased claims, the report contains several factual errors,” according to a statement from Raiffeisen released on Thursday. The Austrian bank is one of the few Western financial institutions that continued to operate in Russia after 2022.
This isn't the first time for Petrus
Petrus Advisers, a British activist investment firm, was founded in 2009 by Klaus Umek, an Austrian who previously worked at Goldman Sachs. It specializes in European public companies: it acquires stakes and actively engages with management and boards of directors to bring about changes that it believes will increase the value of the business.
Petrus has already been involved in high-profile corporate disputes in Europe—specifically, those involving Temenos, Aareal Bank, Immofinanz, and Comdirect. For example, in 2024, following Hindenburg Research’s attack on the software developer Temenos, Petrus also sided with the company and urged it to sue the short seller, Reuters reported.
This article was AI-translated and verified by a human editor
