Elliott, run by top Republican donor Paul Singer, was also found to have obstructed the inquiry launched by the Autorite des Marches Financiers (AMF) after the battle.

With a value equivalent to $21.8 million, it was the highest fine ever handed out by the AMF, matching recent penalties for Morgan Stanley and the French bank Natixis in separate cases.

In 2015, Elliott started buying up shares in Norbert Dentressangle, a French shipping and logistics group that was the target of a takeover offer from its American rival XPO.

Copyright Agence France-Presse, 2020