UPDATE 4-Activist fund Elliott set to shake up drinks giant Pernod [Reuters (UK)]
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Source: Reuters
Activist fund Elliott set to shake up drinks giant Pernod | Reuters 5 Min Read LONDON/PARIS (Reuters) - Elliott Management has taken a stake in Pernod Ricard ( PERP.PA ) and wants the family-backed French drinks company to try to improve its performance via cost cuts and a potential merger with a rival. Elliott said on Wednesday its stake in Pernod Ricard was just over 2.5 percent, its first holding in a French blue-chip, worth around 930 million euros (837.2 million pounds). The fund also said it had met Pernod Chairman and CEO Alexandre Ricard to discuss the way ahead. A source close to the matter said Elliott had sent a letter to the Pernod Ricard board asking for 500 million euros in cost cuts and suggesting scenarios such as a merger with a rival. Shares in the maker of Absolut vodka and Chivas Regal Scotch were up nearly 5 percent by 1415 GMT. New York-based Elliott, which has $35 billion under management and a track record of pushing hard for change in companies, said Pernod
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