Activist fund Elliott set to shake up drinks giant Pernod [Reuters]
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Source: Reuters
Activist fund Elliott set to shake up drinks giant Pernod | Reuters 3 Min Read LONDON/PARIS (Reuters) - Elliott Management has taken a stake in Pernod Ricard ( PERP.PA ) worth more than 930 million euros ($1.05 billion) and will work with the family-backed French drinks company to try to improve its performance, the activist hedge fund said on Wednesday. Shares in the maker of Absolut vodka and Chivas Regal Scotch rose 3.8 percent by 0935 GMT after Elliott said it had a stake of just over 2.5 percent and that it had met Pernod CEO Alexandre Ricard to discuss the way ahead. New York-based Elliott, which has $35 billion under management and a track record of pushing hard for change in companies, said Pernod possesses an “outstanding” portfolio of brands and offers “one of the most attractive investment opportunities in the industry”. However, it said Pernod has lost market share across key segments and has underperformed its peers with respect to operating margins and total shareholde
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