ATP, a Danish pension fund, has mounted a legal challenge to the $12bn (€10.2bn) private equity consortium bid for Denmark's telecoms group TDC. It is Europe's largest buyout.

Bjarne Graven Larsen, chief investment officer of the ATP fund, alleges in a statement seen by Financial News, that Nordic Telecommunications Company, the holding company set up by the private equity consortium to bid, has illegally called for a compulsory redemption of minority shares before delisting the company.