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"No one would be able to build a stake in anything," one activist investor said.
This makes it easier to build a stake and launch a bid.
Under Italian law this caps Intesa's voting rights to 2%, should it build a stake in Capitalia.
His bet on energy carries over to bonds, which he is using to build a stake in distressed California utilities.
LVMH announced in the autumn that it had used derivatives contracts to build a stake of more than 17 percent in Hermès.
The fund held 1 million shares in the Internet media giant as of March 31; it may build a stake of up to 10 million shares, Reuters's source said.
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The Russian retail tycoon Alexander Mamut has built a stake of 5% in recent months.
Premier Foods has however strengthened its ties with Nissin, a Japanese instant noodles company that has built a stake in the UK company.
The Dublin-based firm was founded in 1989 by entrepreneur Denis O'Brien, who has recently built a stake in newspaper group Independent News & Media.
The San Francisco-based firm has built a stake in the company and become its biggest investor, triggering speculation that the business could be broken up.
WHEN Pardus Capital, an American activist fund, built a stake in Valeo, a French maker of car parts, its partners, Karim Samii and Behdad Alizadeh, frequently criticised the company's strategy.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com