Elite hedge fund Elliott takes 5% stake in Tokyo Gas; pushing for share buybacks & divestment of properties
Elite hedge fund Elliott Investment Management has disclosed a 5% stake in Tokyo Gas. It has been buying its share on the open market every day in Oct 2024. It has expressed its intention to improve capital efficiency and shareholder returns by pushing for divestment of non-core properties within the Tokyo Gas network. Earlier in April 2024, Elliott took a stake in property developer Mitsui Fudosan and has similarly pushed for the divestment of non-core assets and the return of more capital to investors via share buybacks and dividend distributions. Mitsui Fudosan has however, missed revenue expectations for the Apr to Jun 2024 quarter, with a 7.88% decline in sales, causing its share price to decline 16.18% for the past three months and to underperform the broad market year to date.