Einhorn’s Greenlight Invests in Japanese Bank Resona, SunEdison

Greenlight Capital Inc., the $10.3 billion hedge-fund firm run by David Einhorn, said it bought large stakes in Japanese bank Resona Holdings (8308) and solar developer SunEdison Inc. (SUNE) in the second quarter.

The New York-based fund said it bought Resona at 547 yen ($5.33) per share and described the Tokyo-based bank as “cheap on both an absolute and relative basis,” according to a letter sent to clients today.

Greenlight said it bought SunEdison at an average price of $15.55 per share and said the declining cost of solar energy and rising electricity prices should position the St. Peters, Missouri-based company as a “winner.” Greenlight also said it bought “medium-sized” holdings in Luxembourg-based Altice SA (ATC) and Conn’s Inc., a Texas-based seller of electronics and appliances.

Jonathan Gasthalter, a spokesman for Greenlight at Sard Verbinnen & Co., declined to comment.

To contact the reporter on this story: Saijel Kishan in New York at skishan@bloomberg.net

To contact the editors responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net Pierre Paulden

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