Sumitomo Shares Jump After Elliott Reported to Build Stake [Yahoo! Finance Canada]
SUMITOMO CORP S/ADR (SSUMY)
NASDAQ:AMEX Investor Relations:
sumitomocorp.co.jp/en/ir
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Source: Yahoo! Finance Canada
(Bloomberg) -- Sumitomo Corp. shares surged by the most since August 2020 after activist investor Elliott Management Corp. was said to have built a “large” stake in the Japanese trading house. Most Read from Bloomberg The stock jumped as much as 9.1% Tuesday in Tokyo, leading its peers higher. The size of Elliott's investment is around “several tens of billions of yen,” according to a person familiar with the matter. The company has engaged with Sumitomo and shared its views on ways to create shareholder value, the person said. ADVERTISEMENT “The stake makes a lot of sense and seems like a relatively easy win for Elliott because there is reasonable potential to be extracted without needing any complicated gymnastics here,” said Mio Kato of LightStream Research. “Elliott could easily drive a significant improvement in governance and shareholder returns.” Other trading houses also climbed, with Mitsubishi Corp. advancing as much as 3.6%, Marubeni Corp. gaining 4.9% and Mitsui
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