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Einhorn’s Greenlight Increases Bet on Elekta Share Drop

Jan. 21 (Bloomberg) -- David Einhorn’s hedge fund Greenlight Capital Inc. increased its bet that shares of Swedish medical-equipment maker Elekta AB will decline.

Einhorn sold short 2.35 percent of Elekta’s shares as of Jan. 16, according to data published by the Swedish Financial Supervisory Authority. On Jan. 4, Greenlight’s short position was 1.8 percent, according to the data.

Elekta fell 1.5 percent to close at 98 kronor in Stockholm trading. The stock has risen 26 percent in the past year, giving the company, which is based in the Swedish capital, a market value of 37.5 billion kronor ($5.7 billion).

Einhorn, 44, established a reputation as a short seller by betting against Lehman Brothers Holdings Inc. before it collapsed in 2008. In a short sale, a trader sells borrowed shares in a bet they can be repurchased at a lower price.

A spokesman for New York-based Greenlight declined to comment on the firm’s position in Elekta shares. A spokesman for Elekta didn’t immediately respond to a phone call and an e-mail seeking comment.

U.S. government reimbursement for procedures using Elekta’s Gamma Knife radiosurgery equipment will decline under a new tax law, Handelsbanken Capital Markets reported Jan. 3.

To contact the reporter on this story: Phil Serafino in Paris at pserafino@bloomberg.net

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net

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