April 24, 2019 / 12:22 PM / in 3 months

Factbox: Activist investor Elliott's top European holdings

(Reuters) - U.S. activist hedge fund Elliott Management announced on Wednesday that it had taken a 1.2 billion euro ($1.35 billion)stake in German technology company SAP (SAPG.DE). [nL5N2260MG]

Here are some of New York-headquartered Elliott’s top holdings in Europe (in alphabetical order):

AC Milan:

- Lent 300 million euros to China’s Li Yonghong in March 2017 to fund the acquisition of players and bank debt repayments at Italian soccer club AC Milan

- Elliott took control of the team in July 2018 after Li defaulted on his obligations toward the club

Akzo Nobel:

- 3 percent stake revealed in March 2017

- Elliott had 9.5 percent at last report and has agreed to support management’s current strategy after PPG’s failed approach in 2017

Banco BPM:

- BPM agreed to sell up to 7.8 billion euros ($8.8 billion) in bad loans along with a stake in its debt recovery business to Credito Fondiario and Elliott on Dec. 10

- Feb. 6: Elliott to underwrite 95 percent of equity tranche in Banco BPM’s 7.4 billion euro ‘ACE’ bad loan securitization sale.

Bayer:

- Stake of under 3 percent revealed by Reuters in December 2018

BHP Billiton:

- 4.66 percent stake disclosed on April 10, 2017

- Elliott called for the company to sell off its oil business and ditch its dual listing structure

Credito Fondiario:

- Elliott became an investor in the Italian bank and bad loan specialist in 2016

- Raised stake to 81.6 percent in 2018 after buying into a reserved capital increase and converting some shares

Dufry:

- 0.94 percent stake in the airport retailer disclosed on Dec. 20, 2017

Fidessa Group:

- 4.0967 percent stake in the British software firm revealed on Feb. 21, 2018

GEA Group:

- 3.01 percent stake in German food processing company revealed on Oct. 11, 2017

- Elliott’s stake is now 5 percent

GKN:

- 3.8 percent stake disclosed on Jan. 15

- Pressured GKN to engage in takeover talks with potential acquirer Melrose Industries before deal went ahead

Hammerson:

- 1.53 percent stake disclosed on April 20, 2018

- 2.03 percent stake disclosed on April 25, 2018

- Feb. 25, 2019: Elliott gives backing to company plan to sell assets, cut debt and expand its board.

Intertrust

- A 6.1 percent stake in the Dutch trust and business administration company was disclosed on Feb. 13, 2019.

Micro Focus:

- 5.1 percent stake confirmed by Elliott on April 23, 2018

Pernod Ricard:

- 2.5 percent stake disclosed on Dec. 12, 2018

- Asked board to consider its analysis and views on value creation.

- On April 18, 2019: Pernod raises its profit outlook.

- Company says having regular “courteous” talks with Elliott.

RPC

- Stake trimmed marginally to 7.8 percent on April 18, from 7.9 percent on March 21.

- Comes amid takeover bid for RPC from plastics maker Berry Global Group.

SAP

- Elliott announces a 1.2 billion euros stake in the German technology company.

- Says it supports the push by SAP management to sharpen operational execution.

Sky:

- 2.8359 percent stake revealed in a UK filing on Jan. 26, 2018

- Argues Sky is worth more than $34 billion

- Elliott dissolved its stake on Sept. 25, 2018

SLM Solutions

- 29.8 percent stake in German 3D printing firm disclosed on April 3, 2019.

- Elliott had invested in SLM in 2017 in anticipation of a takeover by General Electric, but was wrong-footed as GE turned to peer Arcam instead.

Stada

- 3.6 percent stake in German pharmaceutical company revealed on July 6, 2017

Telecom Italia:

- 8.85 percent stake disclosed on March 5, 2018

- Explainer on Telecom Italia governance tussle:

- March 29, 2019: Vivendi drops bid for Telecom Italia board reshuffle.

Thyssenkrupp:

- Stake of less than 3 percent revealed in May 2018 by Elliott

- Elliott said it believed the company had significant scope for operational improvement which would benefit all stakeholders

- Jan. 24, 2019: Elliott doubts merits of plan to split company in two

Uniper

- 2.4 percent stake in German energy company announced on Dec. 5, 2017

- Elliott’s position is now 16.5 percent

- March 19, 2019: Uniper says Elliott’s voting rights now at 6.39 percent; total stake unchanged at 17.84 percent.

- March 21: Elliott calls for shareholder vote to push Uniper management to discuss deal with Fortum.

Waterstones

- Book retailer acquired by Elliott on April 26, 2018, price undisclosed

Whitbread

- 6 percent stake revealed on April 14, 2018

- Whitbread said on April 25 it would spin off Costa Coffee after pressure from Elliott and other investors

($1 = 0.8822 euros)

Reporting by Maiya Keidan, Carolyn Cohn, Simon Jessop and Valentina Za, additional reporting by Sudip Kar-Gupta, Toby Sterling and Edward Taylor; editing by Jason Neely and Elaine Hardcastle

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