FRANKFURT, April 24 (Reuters) - Activist investor Elliott Management Corp said on Wednesday that it supported a management push at SAP to sharpen operational execution, as it disclosed a 1.2 billion euro ($1.35 billion) stake in the German business software company.
“Elliott fully supports the initiatives announced today,” Elliott said in a statement after SAP reported first-quarter results.
“The company’s shares were clearly undervalued in relation to its revenue growth, and today’s announcement lays the foundation for substantial realisation of value.” ($1 = 0.8918 euros) (Reporting by Douglas Busvine Editing by Michelle Martin)
