Elliott's Sumitomo Stake Reflects Growing Activism in Japan [BNN Bloomberg (Canada)]
United States Steel Corporation (X)
Last united states steel corporation earnings: 4/30 04:16 pm
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Source: BNN Bloomberg
Elliott has built a “large” holding in Sumitomo after investing “several tens of billions of yen” in the trading house backed by Warren Buffett, Bloomberg News reported over the weekend. Founded by billionaire Paul Singer, Elliott also recently invested in developer Mitsui Fudosan Co., after previously targeting Toshiba Corp., SoftBank Group Corp. and Dai Nippon Printing Co. Activist investor campaigns are becoming more commonplace as the government and institutions such as the Tokyo Stock Exchange encourage companies to better manage balance sheets and boost shareholder returns. “Before, activist investors weren't very successful, as companies and entrepreneurs were quite uncomfortable dealing with them,” said Jeff Acton, a partner at BDA Partners in Tokyo. “However, the tone has changed and activists are having a more constructive, more gentle approach. That's helping drive the success rate for their campaigns, and more deals are getting done.” Among recent activist campaigns
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- United States Steel Co. (NYSE: X) is now covered by analysts at StockNews.com. They set a "hold" rating on the stock.MarketBeat
- United States Steel Co. (NYSE: X) was upgraded by analysts at Morgan Stanley from an "equal weight" rating to an "overweight" rating. They now have a $48.00 price target on the stock, down previously from $51.00.MarketBeat
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