US activist investor plans to push Japanese company to offload some of its $9bn real estate portfolio
Elliott Management has become one of the three biggest shareholders in Tokyo Gas, as it seeks to push the Japanese utility to focus on its energy business and scale back a property portfolio that the activist investor estimates could be worth as much as $9bn. Elliott, whose 5 per cent stake was made public on Tuesday in a stock exchange filing, has calculated that the unrealised market value of Tokyo Gas’s real estate holdings is worth about ¥1.
Non-real estate companies, including Tokyo Gas, held almost half of ¥26tn in unrealised property gains reported by Japanese companies in the Prime Section of the Tokyo Stock Exchange in 2023, according to a September report by Goldman Sachs. Those companies “may be under some pressure from shareholders to restructure non-core assets and realise any unrealised gains in the process”, said Goldman Sachs Japan equity strategist Bruce Kirk.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Citadel poaches Elliott Management veteran Nabeel BhanjiLondon-based portfolio manager worked on some of activist hedge fund’s most high-profile campaigns
Read more »
Elliott pushes to break up Honeywell after taking $5bn stakeUS activist investor wants to split the conglomerate’s aerospace and automation businesses
Read more »
Liverpool dealt major double injury blow as Diogo Jota and Harvey Elliott return timeline confirmedLatest Liverpool injury news as Arne Slot gives updates ahead of the Carabao Cup tie at Brighton & Hove Albion
Read more »
How Wolves helped Elliott Bennett forge a long and fine careerElliott Bennett learned how to be a footballer at Wolves. And put it into practice at Brighton. He will always be grateful for the times spent with both clubs, as Paul Berry discovers.
Read more »
UFC 309 Jones vs Miocic: Oban Elliott ready to realise MSG dreamOban Elliott is ready to realise his lifelong dream of fighting at Madison Square Garden at UFC 309
Read more »
Elliott-Backed Firm Makes New $5.3-Billion Citgo Bid Amid Creditor ComplaintsAmber Energy has submitted a lower-priced bid for Venezuela's PDV Holding Citgo's parent company with a direct payout to creditors, hoping to address their concerns from the initial offer.
Read more »