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AnalysisStocks

Tokyo Gas shares surge after activist investor Elliott takes stake

USD/JPY
Investing.comNov 20, 2024 5:29 AM

Investing.com-- Shares of Tokyo Gas Co., Ltd. (TYO:9531) rose sharply on Wednesday after activist investor Elliott Management took a stake in the firm in a likely bid to improve shareholder value.

Tokyo Gas’ shares jumped over 12% to 4,284.0 yen by 20:48 ET (01:48 GMT). 

Elliott revealed a 5.03% stake in the gas provider in a filing on Tuesday, stating that it planned to make some proposals based on discussions with the firm. The 5% stake makes Elliott among the largest shareholders in the Japanese utility firm.

The Financial Times reported that Elliott plans to pressure Tokyo Gas management to sell its non-core assets, especially the firm’s massive property portfolio. The activist fund reportedly claimed the unrealized value of Tokyo Gas’ real estate holdings was worth 1.5 trillion yen ($9.7 billion).

Elliott has invested in other Japanese companies over the past year, including SoftBank Group Corp. (TYO:9984) and Toshiba. The activist recently called for U.S. industrial conglomerate Honeywell International Inc (NASDAQ:HON) to spin off its non-core businesses, and took a $5 billion stake in the firm. 

Reviewed byTony
Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

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