June 27, 2019 / 3:16 PM / 2 months ago

Factbox: Activist investor Elliott's top European holdings

FRANKFURT (Reuters) - U.S. activist hedge fund Elliott Management announced on Thursday it had taken a 2.1% stake in German agrichemicals and pharma company Bayer (BAYGn.DE) Here are some of New York-headquartered Elliott’s top holdings in Europe (in alphabetical order):

AC Milan:

- Lent 300 million euros ($341 million) to China’s Li Yonghong in March 2017 to fund the acquisition of players and bank debt repayments at Italian football club AC Milan

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

Akzo Nobel (AKZO.AS):

- 3% stake revealed in March 2017

- Elliott was last reported to have a 9.5% stake and has agreed to support management’s current strategy after PPG’s (PPG.N) failed approach in 2017

Banco BPM (BAMI.MI):

- BPM agreed to sell up to 7.8 billion euros 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% of an equity tranche in Banco BPM’s 7.4 billion euro ‘ACE’ bad loan securitisation sale

Bayer (BAYGn.DE):

- Stake of under 3% reported by Reuters in December 2018

- Elliott discloses 2.1% stake in Bayer on June 26, 2019, and says it welcomes the company’s new approach in tackling its multibillion-dollar glyphosate litigation issue

BHP Billiton BLT.L:

- 4.66% 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% in 2018 after buying into are served capital increase and converting some shares

- Credito Fondiario is studying options to expand with the help of investment bank Goldman Sachs, sources told Reuters on June 27, 2019.

Dufry (DUFN.S):

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

Fidessa Group FDSA.L:

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

GEA Group (G1AG.DE):

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

- Elliott’s stake is now 5%

GKN GKN.L:

- 3.8% stake disclosed on Jan. 15

- Pressured GKN to engage in takeover talks with potential acquirer Melrose Industries (MRON.L) before deal went ahead

Hammerson (HMSO.L):

- 1.53% stake disclosed on April 20, 2018

- 2.03% stake disclosed on April 25, 2018

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

Intertrust (INTER.AS)

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

Micro Focus (MCRO.L):

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

Pernod Ricard (PERP.PA):

- 2.5% 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 RPC.L

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

- Comes amid takeover bid for RPC from plastics maker BerryGlobal Group (BERY.N).

SAP (SAPG.DE)

- Elliott announces a 1.2 billion euros stake in the German technology company and says it supports the push by SAP management to sharpen operational execution on April 24, 2019.

- SAP CEO Bill McDermott praises Elliott as a “fantastic investor” on May 7, 2019.

SLM Solutions (AM3D.DE)

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

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

Stada STAGn.DE

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

Telecom Italia (TLIT.MI):

- 8.85% stake disclosed on March 5, 2018

- Explainer on Telecom Italia governance tussle:

- March 27, 2019: Italy’s state lender CDP seeks to broker a truce between Vivendi and Elliott, to end a boardroom battle that has paralyzed the group

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

Thyssenkrupp (TKAG.DE):

- Stake of less than 3% 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 (UN01.DE)

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

- March 19, 2019: Uniper says Elliott’s voting rights now at6.39%; total stake 17.84%

- March 21: Elliott calls for shareholder vote to push Uniper management to discuss deal with Fortum, but drops the motion on May 21.

- June 5: Uniper says it had been notified by Elliott that the investors aims to implement strategic objectives, including potentially removing key personnel

Waterstones

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

Whitbread (WTB.L)

- 6% stake revealed on April 14, 2018

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

Reporting by Maiya Keidan, Carolyn Cohn, Simon Jessop and Valentina Za, Arno Schuetze, Sudip Kar-Gupta, Toby Sterling and Edward Taylor; Editing by Elaine Hardcastle and Mark Potter

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