{
  "docId": "019dd923-622b-71dc-a6dc-7bd845ab8841",
  "docSlug": "33a0c0c3fecb",
  "documentTitle": "Airbus SE (AIR)",
  "authorId": "20_TCI_Fund",
  "authorName": "Christopher Hohn",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-02-20 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 1,
  "pageCount": 6,
  "prevPage": null,
  "nextPage": 2,
  "slideType": "closing_ask",
  "function": "state_demand",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": "This is a formal shareholder letter from TCI Fund Management to Airbus.",
  "elementsJson": [
    "logo_grid",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": "https://imgproxy.kitesheet.com/rIiO_1djIVC6fWYpIvP3_l9r5_vY3iYlk6BjAm27Xbg/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zM2EwYzBjM2ZlY2IvcDAwMS5wbmc",
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-7bd845ab8841/1",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841#slide-1",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We are writing to urge you to immediately terminate negotiations with Atos over the purchase of a minority stake in ‘Evidian’.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd77-4b3ea68ed92a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.25,
        "x": 0.08,
        "y": 0.04
      },
      "kind": "image",
      "text": "TCI Fund Management Limited",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4fedb578-6a1f-472d-a298-80ef352386a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.51
      },
      "kind": "paragraph",
      "text": "Evidian is a low-quality, highly levered company, with 60,000 employees, operating in an extremely competitive market. A minority 29.9% stake in Evidian would be an illiquid and distressed asset.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "53612585-e047-4b6a-843f-b228bd5c7e7d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.35
      },
      "kind": "paragraph",
      "text": "TCI has been a long-term shareholder of Airbus and currently owns over 3% of the shares outstanding, valued at over €4bn.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b824cc98-e7de-4cc8-b4db-011f836d433f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.41
      },
      "kind": "paragraph",
      "text": "We are writing to urge you to immediately terminate negotiations with Atos over the purchase of a minority stake in ‘Evidian’.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d8afdcea-2788-4d1e-bfa9-b8100b3341a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.11,
        "y": 0.47
      },
      "kind": "title",
      "text": "An investment in Evidian would be value destructive",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bb722112-2f20-4e9b-83fd-221499517959",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": "https://imgproxy.kitesheet.com/qa9QFwXHO8qavcSGM1uBoGi5997mu0UkwHaEkxGuFgo/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zM2EwYzBjM2ZlY2IvcDAwMS5qcGc",
  "thumbSrc": "https://imgproxy.kitesheet.com/xHU2pynJB24PxSqMYwWVfmvUJMsOwb5NarIQHZieRSY/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zM2EwYzBjM2ZlY2IvcDAwMS5wbmc",
  "thumbSrcAlt": "https://imgproxy.kitesheet.com/js_gQVBQgR-FyIfldD12k3EhKVAK5nyQEpTA9ATBQFg/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zM2EwYzBjM2ZlY2IvcDAwMS5qcGc"
}