Elliott Management has become one of the top three shareholders in Kansai Electric Power (TYO:9503), Japan’s second-largest utility and a major nuclear operator, the Financial Times reported on Wednesday, citing people familiar with the matter.
The New York-based activist investor now holds a 4% to 5% stake and is pressing Kansai to lift shareholder returns by selling about 150 billion yen ($1 billion) a year of non-core assets, the FT said.
The fund estimates Kansai holds more than 2 trillion yen in such assets, including property and a large construction stake.
Shares in Kansai jumped 6% to a one-year high in Tokyo after news of the investment.
The push marks Elliott’s first foray into Japan’s nuclear power sector, a politically sensitive industry central to energy security.
Source :
https://www.investing.com/news/stock-market-news/elliott-enters-japans-nuclear-sector-with-stake-in-kansai-electric--ft-4232551
