Mitsui Fudosan shares hit record high after Elliott reportedly calls for over $6.5 billion share buyback [CNBC]
ORIENTAL LAND CO LTD ADR (OLCLY)
NASDAQ:AMEX Investor Relations:
olc.co.jp/en/ir.html
Company Research
Source: CNBC
Japan's largest property developer jumped as much as 11.8% in early afternoon trading to hit a record 4,100 yen. The Financial Times reported that Elliott Management had called upon the property group to launch a 1 trillion yen ($6.74 billion) buyback plan The report said Elliott also demanded the company sell down its $3.6 billion stake in Oriental Land , which runs Tokyo Disneyland, citing people familiar with the matter at both Elliott and Mitsui. “The pressure on corporate Japan is now relentless — lazy balance sheets will no longer be tolerated. Even previously untouchable elite companies — Mitsui Fudosan is the undisputed leader in both local and global Japan-led real estate development — are now targeted,” said Jesper Koll, expert director at Monex Group told CNBC. Koll said Mitsui Fudosan's ownership of Oriental Land makes “little sense,” and that proceeds from a sell-down demanded by Elliott can be used more efficiently. “Whether the proceeds of a sell-down should
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