FirstFT: Activist Elliott builds stake in Japanese conglomerate

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Good morning. The activist fund Elliott Administration has turn into one of many largest shareholders of Dai Nippon Printing — a 146-year-old Japanese conglomerate with an enormous however unheralded international share in elements of electrical car batteries and smartphone screens.

The stakebuilding provides to solely a handful of investments that Elliott has beforehand made in Japan — with Masayoshi Son’s SoftBank Group and Toshiba essentially the most outstanding. Folks near the fund characterised it as an experiment in extracting trapped worth that would pave the way in which for considerably extra exercise.

Elliott has quietly elevated its funding in DNP over the previous few months, in keeping with individuals conversant in the state of affairs, and now holds a stake of rather less than 5 per cent value about $300mn, making it the third-largest exterior shareholder.

Folks near DNP stated Elliott’s preliminary engagement with the corporate, which has a market capitalisation of $6.3bn and at present trades the place it did 20 years in the past, has targeted on a collection of calls for: a extra aggressive share buyback scheme, the sale of its sprawling actual property holdings and an accelerated disposal of its intensive portfolio of shares in different Japanese corporations.

1. Germany to ship Leopard tanks to Ukraine Germany is to ship Leopard 2 tanks to Ukraine, in a transfer that marks a major breakthrough in western efforts to bolster Kyiv’s combat towards the Russian military. The choice to ship tanks marks a U-turn for German chancellor Olaf Scholz, who had lengthy hesitated to offer Ukraine with heavy armour.

  • Associated learn: A number of senior Ukrainian officers have resigned after President Volodymyr Zelenskyy swiftly sought to defuse considerations over corruption at a time when he’s requesting extra western weaponry to repel Russian forces.

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4. Labeled paperwork discovered at Pence’s non-public residence Former US vice-president Mike Pence turned over categorised paperwork to the Division of Justice final week as federal authorities proceed to probe how delicate authorities information ended up on the non-public residences of Joe Biden and Donald Trump. The invention provides to rising scrutiny of how present and former leaders deal with categorised info.

5. US touts Biden inexperienced subsidies to lure clear tech from Europe The row between EU and US politicians over subsidies linked to Joe Biden’s Inflation Discount Act is deepening as governors throughout America attempt to lure European clear vitality companies to their states.

The day forward

Inflation figures Inflation updates are due from the UK, Australia, Spain, Sweden and Singapore. Japan will even report its Shopper Worth Index (CPI) price of residing measure. Use our international inflation tracker to see how your nation compares on rising costs.

Tesla earnings It will likely be one other week for Elon Musk watchers (identical to each different week) with Tesla reporting fourth quarter figures. The corporate has been chopping costs of its electrical automobiles to bolster demand within the US and Europe.

  • 🎧 Hear: In a current episode of the Behind the Cash podcast, the FT’s Richard Waters solutions whether or not Tesla’s golden age of development is over.

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Take a break from the information

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