TCI, the activist hedge fund, has written to the chief executive of EADS to demand it sells one of its most sensitive assets in a direct challenge to the defence company’s management and the French government.

The hedge fund – whose aggressive activist style has earned it notoriety among European companies – has told Tom Enders, EADS’ chief executive, that the company should immediately sell its €4bn stake in Dassault Aviation, a strategically important French defence group and the maker of the Rafale fighter jet. In a letter sent to Mr Enders on Friday, which has been seen by the Financial Times, TCI said EADS’ Dassault stake was “a poor use of capital” with “no synergies” and “limited strategic value”.

“You have stated consistently that EADS is now a ‘normal company’, run for profits and the interest of public shareholders,” the letter says. “This will be an important test of that principle.”