ValueAct Said to Amass AmEx Stake as Activist Seeks Targets

ValueAct Capital Management has amassed a stake in American Express Co., people with knowledge of the matter said, as the activist fund considers pursuing shareholder-friendly changes at the credit-card issuer.

ValueAct’s investment is about $1 billion -- still less than 5 percent of American Express -- said the people, who asked not to be identified because the holding isn’t yet public. American Express jumped 6.3 percent to $79.72 at 4 p.m. in New York, the most in four years, for a market value of about $80 billion.