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Earnings

Elliott discloses SAP stake, says it supports management strategy review

FRANKFURT (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 realization of value.”

Reporting by Douglas Busvine; Editing by Michelle Martin

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