Finance
Elliott Built ‘Large’ Stake in Buffett-Favored Sumitomo, Source Says
- Sumitomo’s shares had reached a record high last week
- Elliott previously pushed for changes at Toshiba, SoftBank
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Elliott Management Corp. has built a “large” stake in Sumitomo Corp., one of Warren Buffett’s favorite Japanese trading houses, according to a person familiar with the matter.
The size of the activist group’s investment is around “several tens of billions of yen,” the person said, asking not to be identified because the transaction hasn’t been publicly disclosed. Every ¥10 billion ($64 million) investment is equivalent to a 0.2% stake in Sumitomo, based on Friday’s closing share price of ¥3,909. Japanese markets were closed for a public holiday Monday.