Activist investor Elliott Management has acquired a 5% stake in Tokyo Gas and is pushing the company to sell its $9 billion real estate portfolio to improve shareholder returns.
U.S. activist investor Elliott Management has just unveiled it is now one of Tokyo Gas ’s top shareholders and looks to push Japan ’s energy utility giant to sell its real estate portfolio, the Financial Times reported on Tuesday, citing sources with knowledge of the plans. Tokyo Gas ’s real estate portfolio is estimated to be worth about $9 billion, according to Elliott Management .
Japan’s listed companies, many of which operate in the energy sector, have earned the equivalent of $57 billion from divestitures over the last three years as they look to boost their capital efficiency and stock valuations. Many of Japan’s largest listed firms are conglomerates that include diverse businesses. But their market value is below the value of the separate businesses, the so-called conglomerate discount, as Nikkei Asia reports.
Elliott Management Activist Investor Real Estate Divestiture Shareholder Returns Conglomerate Discount Capital Efficiency Japan Energy Sector
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