UPDATE 5-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 built up a stake in Pernod Ricard ( PERP.PA ) and called on the family-backed French drinks company to boost profit margins and improve returns for investors. 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 ($1.05 billion). The fund also said it had met Pernod Chairman and CEO Alexandre Ricard to discuss the way ahead. A source close to the matter told Reuters Elliott had sent a letter to the Pernod Ricard board asking for 500 million euros in cost cuts and suggested options such as merging with another spirits company. Shares in the maker of Absolut vodka and Chivas Regal Scotch were up more than 5 percent to a record high. New York-based Elliott, which has $35 billion under management and a track record of pushing hard for change in companies, said Perno
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