LONDON — U.S. activist investor Elliott Management has purchased a stake of more than 5% in Tokyo Gas, it was learned Tuesday, with the two sides reportedly discussing scaling back the utility’s portfolio of assets.
Elliott has invested 64.9 billion yen ($422 million) in Tokyo Gas to date, it said in security filings that have been made public. The hedge fund has been acquiring shares since around late September, with the stated purpose of engaging in dialogue with Tokyo Gas and its affiliates and making important proposals.
